All eyes continue to be on the Federal Reserve as it decides whether to raise interest rates by the end of this year, and Fed chair Janet Yellen has repeatedly hammered home the idea that the Fed will raise rates when it feels confident that the US labor market is back to full health and inflation is coming.

The latest jobs report, out Friday morning, suggests we may finally be getting there. Average hourly earnings grew 2.5% between October 2014 and October 2015, the highest growth rate we have seen since the Great Recession.