Hot-and-Cold Jobs Market Still Far From Full

Federal Reserve policy makers have made clear they don’t think the economy is close to full employment yet. When might it be?

The Labor Department on Friday reported that the U.S. added 531,000 jobs last month, better than the 450,000-job gain economists expected. Also, employment figures for August and September were revised up by a combined 235,000 jobs. The summer’s slowdown in the labor market doesn’t look quite so serious anymore, and in any case it may now be over.