The drops in both new jobs and wage growth contained in a Department of Labor report released on Friday elicited cheers from financial world insiders.

“This is a really terrific jobs report in lots of subtle ways,” tweeted Neil Irwin, Axios’s chief economic correspondent. He said, “Job growth is soft-landingish” — polite econ-speak for saying growth is decreasing steadily.

Last year, amid the economic recovery following the dips of the pandemic, the central bankers of the U.S. Federal Reserve launched a campaign of some of the steepest interest rate hikes in years in an attempt to tamp down inflation. By making money more expensive to borrow, rate hikes can reduce inflation by slowing down the economy and driving up unemployment.

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