The employment-cost index is seen within the Fed as the highest-quality measure of compensation growth
The ECI component of greatest relevance to the Fed, wages and salaries for private sector workers excluding incentive paid occupations, slowed in Q2
+1.1% QoQ
+4.8% YoY
The ECI component of greatest relevance to the Fed, wages and salaries for private sector workers excluding incentive paid occupations, slowed in Q2
+1.1% QoQ
+4.8% YoY
The ECI shows historically very high readings of wage growth, as the charts clearly show.
But the YoY rate of wage growth for these jobs has slowed to its lowest 12-month pace since the end of 2021. The big question now is where this settles out over the next year.
But the YoY rate of wage growth for these jobs has slowed to its lowest 12-month pace since the end of 2021. The big question now is where this settles out over the next year.
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