October's nonfarm payrolls report Friday could bring some good news for the jobs market, which might be bad news for the stock market.
The Labor Department's count always gets a close watch on Wall Street for the pace of company hirings and the unemployment rate, which currently sits at its lowest level since 1969. However, the market may look past those two numbers and into a data point that has gotten an increasing amount of interest over the past several months.
Average hourly earnings have been threatening to break over the 3 percent barrier for the past several months, touching a year-over-year post-recession high of 2.9 percent in August. Economists expect that October will mark a break in the psychologically important barrier. A survey by Refinitiv puts the likely gain at 3.1 percent.
If that is correct, that would mark the highest wage gains since April 2009, just a few months before the Great Recession ended.