The employment-cost index is at 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 Q3
+0.9% QoQ
+4.5% YoY
The ECI component of greatest relevance to the Fed, wages and salaries for private sector workers excluding incentive paid occupations, slowed in Q3
+0.9% QoQ
+4.5% YoY
The topline ECI numbers were higher than the consensus expected almost entirely due to brisk growth in state and local government-worker pay, which has lagged private-sector pay
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