Samuel Tombs, an analyst at Panson Macro, said the Fed will soon be concerned about "an oversupply of labor and unpopular weak wage growth." He said the increase in job openings in the November JOLTS report was a surprise, but there are signs that employment costs are cooling. Tombs noted that the drop in the quit rate from 2.1% to 1.9% "indicates a sharper slowdown in [employment cost] growth." "So two straight months of 0.4% growth in average hourly earnings looks like noise around a trend that is still slowing." Tombs expects average hourly earnings to slow in the December non-farm payrolls data due on Friday.