Golden Finance reported that Pantheon Macroeconomics analyst Samuel Tombs said that the Fed will soon be worried about "oversupply of labor and unwelcome weak wage growth." He said the increase in job openings in the November JOLTS report was surprising, but there were signs that employment costs were cooling. Tombs pointed out that the resignation rate fell from 2.1% to 1.9%, "suggesting a deeper slowdown in (employment cost) growth." "So average hourly earnings have increased by 0.4% for two consecutive months, which looks like it is around the still-reduced growth rate." "Noise on slowing trends." Tombs expects average hourly earnings to slow when the December nonfarm payrolls data is released on Friday.