The economic timing model was updated with October wages and employment data.
Real wages (green line), the primary series for the model, sits at -2.24% year over year ticked up a bit due to lower energy costs. The MTR-EM (as discussed here) goes up or down 2% more the market will typically follow as we have seen so far this year. The model would look for at least a +2% year over year change to indicate overall sustained higher prices for the market.
To view the interactive model click here