Panasonic macro analyst Samuel Tombs stated that the Federal Reserve will soon be concerned about 'excess labor supply and unpopular weak wage growth.' He noted that the increase in job vacancies in the November JOLTS report was unexpected, but there are signs that employment costs are cooling down. Tombs pointed out that the resignation rate dropped from 2.1% to 1.9%, 'indicating a greater slowdown in (employment cost) growth.' 'Therefore, the average hourly wage has increased by 0.4% for two consecutive months, which appears to be noise around a trend that is still slowing down.' Tombs expects that the average hourly wage will slow down in the non-farm payroll data for December, to be released on Friday.