Wage growth is coming - just look at what people are spending money on.

Sarah Quinlan, sr. vice president at Mastercard (MA) , points to strong sales of furniture as a sign of growing wages. "When you have that confidence, you see purchases in durable goods," she said, referring to consumer sentiment. "Furniture and furnishings are having an exceptional holiday season - that's really making an investment in your family when you're buying a sofa as opposed to just a throw pillow, for example."

2017 holiday spending is on track to post its best growth since 2010, according to Mastercard SpendingPulse.

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