Another key fundamental pointing towards the positive is the acceleration of wage growth, with average hourly earnings up 3.1% from a year ago, the fastest growth since 2009. Meanwhile the employment cost index, an alternative measure of worker compensation, is up 2.8% from a year ago, also the largest increase since 2009. And don’t let anyone tell you that this just shows the “rich getting richer.” The fastest gains in weekly earnings are being made near the bottom of the income spectrum, not the top. (FT Advisors)
With discounts starting early and more days to shop before Christmas this year, fewer people turned out for the five-day shopping extravaganza that runs from Thanksgiving Day to Cyber Monday, the National Retail Federation said. (CNBC)
Housing market struggles continue, but outlook may be improving. S&P CoreLogic Case-Shiller’s index showed home values continued to rise at a brisk pace in September (5.1%); however, growth was below levels seen in August (5.5%) and decelerated for the sixth straight month. Despite the negative trend, decelerating prices may encourage more buying activity in the months ahead as rising wages have a chance to narrow the gap. (LPL)
The S&P 500 is down 10 and the NASDAQ is down 40.
Oil is up 69 cents at $50.95 a barrel.
Gold is up $2 at $1232 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.