Private-Sector Wages Rose At The Fastest Pace Since 2008 In Q3 – Now Cue The ‘Rogue’ Inflation Print

Private-Sector Wages Rose At The Fastest Pace Since 2008 In Q3 – Now Cue The ‘Rogue’ Inflation Print

Just a quick note on ECI. The employment cost index came in a bit hotter than expected on Wednesday, printing 0.8% QoQ versus consensus of 0.7%. On a YoY basis, the headline remained at 2.8%, a cycle high. But notably, private-sector wages and salaries jumped 3.1% in Q3, YoY - that's the quickest pace since 2008. This is just further evidence that the tight labor market is gradually leading to wage inflation, the so-called "missing ingredient" for the Fed. Today's data comes ahead of Frid
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