A soft landing is more likely after last week's jobs data

Lower inflation usually costs jobs. This time could be different.

Today’s inflation is the result of too much demand chasing too little supply. The labor market is the locus of this imbalance: companies can’t find enough workers. Job vacancies are unusually high. In order to fill these vacancies, companies are having to pay higher wages and recoup the cost from consumers in higher prices.

One year ago, Fed chair Jerom…