The job market is cooling but remains strong by historic standards
Slowdown reflects impact of Federal Reserve's aggressive drive to tame inflation
Plunging energy prices pulled the producer price index down 0.5%
U.S. CPI up 6% year over year
The downgrade was slight, but consumer spending was down sharply
Tougher regulations are a key focus
Policymakers hope to bring down inflation by reducing job openings
Output should grow 2.9%, global inflation should fall to 6.6%
Most economists expect a continued slowdown in Q1
U.S. personal consumption expenditures up 0.1% in November from October
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