Published: 2026-10-14T15:03:28.000Z
Preview: Due September 30 - U.S. Q3 Employment Cost Index - Slower but with yr/yr growth stable
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We look for the Q3 employment cost index (ECI) to increase by 0.8%, slower than two preceding quarters at 0.9% but leaving yr/yr growth stable at 3.4% for a third straight quarter.
We expect a 0.7% increase in wages and salaries, a slowing from 0.9% in Q2 as suggesting buy a recent slowing in payroll average hourly earnings.
We expect a 0.9% rise in benefit costs, a slight slowing from 1.0% in Q2 though exceeding wages and salaries for a fourth straight quarter.
Yr/yr growth in wages and salaries would then slow to 3.1% from 3.2% but yr/yr growth in benefit cost would pick up to 3.9% from 3.8%.
