Are stocks cheap or expensive? Are wages up or down?
The answer to the above question is obviously a a function of both hourly wages and S&P prices.
Note that in the early 1980s, you could by the SPX with under 20 hours of labor — Stocks were cheap then. In the late 1990s, it took more than 100 hours of labor to buy the SPX — Stocks were expensive then.
Now, it requires 54.72 hours of work — somewhere in the middle.
Hours of Labor Required to Purchase S&P500
Thanks to Ron Griess of The Chart Store for another fascinating chart.