Dow slid back 37, advancers & decliners were even & NAZ was up 20.  The MLP index fell 1 to the 213s & the REIT index we nt up 2+ to the 385s.  Junk bond funds were a little lower & Treasuries had more selling which lifted yields.  Oil recovered 1+ to the 72s & gold added 8 to 1809.

AMJ (Alerian MLP index tracking fund)

Wholesale inflation rises faster than expected in November as high prices persist

US wage growth has slowed sharply over the past year & is on pace to return to pre-pandemic levels by H2-023, according to new data from career site Indeed.  The wage tracker — based on salaries for job advertisements listed on Indeed — showed that salaries were up 6.5% in Nov from one year ago.  According to the index, that compares to a rate of about 9% in Mar, suggesting that employers are facing less competition for new hires.  The deceleration is broad-based, with wage growth tumbling in about 82% of job sectors in Nov from 6 months earlier.  Based on the current trajectory, wage growth will likely return to its pre-pandemic range of about 3-4% by the year's 2nd ½.  Indeed suggested that the data is a leading indicator because it is based upon salaries published in job postings rather than actual wages paid to workers.  "Wages and salaries advertised in job postings on Indeed are a potential canary in the labor market coal mine," wrote Indeed labor economist Nick Bunker.  "The slowing pay gains in job postings may be a harbinger of what broader measures of compensation will show in the months ahead."  The Indeed gauge stands in contrast to a separate report from the Labor Dept released last week, which showed that average hourly earnings surged 0.6% in Nov, double was anticipated.  Wages are up 5.1% on an annual basis.  The Federal Reserve is closely watching wage growth as it tries to combat inflation with the most aggressive rate-hike campaign since the 1980s.  Policymakers have expressed concern about the possibility of a wage-price spiral, a scenario in which soaring pay growth keeps inflation elevated by pushing businesses to further raise prices to offset the cost of labor.

US wage growth slows sharply as job market cools off, new report finds

Inflation tops Covid-19 as Americans’ biggest concern

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