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So maybe we don’t need to worry that the plane won’t land at all. If you wanted evidence that the labor market was at last calming down in a way that would eventually allow the Federal Reserve to cut rates, it was there in the US unemployment data Friday. Most importantly, given the weight put by the central bank on the risk of overheating wage inflation, average hourly earnings saw their lowest month-on-month rise in two years. That tended to support the notion that January’s reading, much higher than expected, had been a fluke: