Business contacts tell me of empty offices and idle production capacity because employers cannot find workers. Retailers who hire seasonal workers say they will try to hold onto these employees after the holidays to fill future vacancies from attrition. And that is even with some expectation of slower sales growth in the next couple quarters.
That said, we are starting to see some tentative signs of a moderation in wage growth. The 12-month increase in average hourly earnings continued to slow in October and the  2/6  BIS - Central bankers' speeches  3-month change continued to run lower than the 12-month rate, a promising signal of ongoing moderation.