There’s definitely a gap between the $78,645 a year that people want to get paid to switch jobs and the average $69,475 people received over the past four months, the New York Fed said. Despite the difference, employees were doing much better than the average $60,764 they earned a year ago.  

Eoin Treacy's view

14.3% wage growth in a year is a big jump and demands for a similar jump to move jobs help to reinforce why inflation remains sticky. It also helps to emphasise how much purchasing power the Dollar is losing. It’s little wonder the Federal Reserve remains at least verbally committed to their effort to compress inflation back towards 2%.

This is the last trading day of the quarter so it is a time when traders are repositioning for the final quarter. Year to date the Dow is up 1%, S&P500 up 11.8% and the Nasdaq Composite is up 26.3%.

That obscures the clear outperformance of the FANGMANT shares which have accounted for most of the stock market advance.

The Advance-Decline Line for the S&P500 broke below the 200-day MA this week. It’s not a dynamic move and could easily be reversed next week but it is certainly worth monitoring. When the majority of shares are falling, on aggregate, it is seldom a good signal for the market.