The Labor Department’ monthly job report released Friday shows employers added 263,000 jobs in November. The unemployment rate held steady, at a low 3.7%. Average wages in November were 5.1% higher than a year ago — a larger annual increase than the month before. All three major indices sank when the stock market opened on Friday, with investors fearing that the Federal Reserve will respond to the strong jobs report with even more aggressive interest rate hikes. The central bank has been raising interest rates aggressively in an effort to tamp down demand and bring prices under control. Since March, the Fed’s benchmark borrowing rate has jumped from near zero to almost 4%. It’s likely to go even higher later this month. Rising interest rates have cooled demand for workers . . .
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