Highest ever US JOLTs number. Companies cant find the right staff but dont want to put up wages much either. Still scared of the GFC.
But Trump BAT tax, infra spending, min wage rises and ongoing moderate growth should force the hand of some employers who have strong margins soon, and that will squeeze the margins of the weaker guys.
Fed will be watching very closely as any sign of a wage-price spiral suggests a neutral rate policy, which Yellen has suggested is 2-3% assuming a 4% nominal GDP, with a 5% nominal GDP its 3-4%.