Jobs data bolsters Yellen's argument on labor market slack

The U.S. Federal Reserve has made a big bet that recovery of the labor market is a long way from creating a worrisome surge of inflation. A range of economic data on Friday suggested the Fed has been reading the odds well. While the Labor Department's monthly employment report showed more than 200,000 jobs created for the sixth straight month, wages were about flat in the private sector and there was little improvement in America's blight of long-term unemployment. The report supported Fed Chair Janet Yellen's view that a sharp drop in the unemployment rate over the last year has masked substantial weakness in the labor market.

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