Employment Cost Index

The Employment Cost Index (ECI), released by US Bureau of Labour Statistics, is a quarterly measure of the change in the price of labor, defined as compensation per employee hour worked. Closely watched by many economists, the ECI is an indicator of cost pressures within companies that could lead to price inflation for finished goods and services. The index measures changes in the cost of compensation not only for wages and salaries, but also for an extensive list of benefits.

Next event - Thursday 31 July 2025 12:30

Previous
0.9%
Forecast
0.8%
Actual
-

The typical/expected impact on USD pairs is medium.

The consensus forecast for Employment Cost Index is 0.8%. A higher value than forecast tends to be bullish for USD/xxx pairs and bearish for xxx/USD pairs.

Most recent - Wednesday 30 April 2025 12:30

Previous
0.9%
Revised
-
Forecast
0.9%
Actual
0.9%

Trading range

Forecast history

The most recent announced value for Employment Cost Index was 0.9% against a forecast of 0.9%.

Past events

Date
Forecast
Actual
Wednesday 30 April 2025 12:30
0.9%
0.9%
Friday 31 January 2025 13:30
0.9%
0.9%
Thursday 31 October 2024 12:30
0.9%
0.8%
Wednesday 31 July 2024 12:30
1%
0.9%
Tuesday 30 April 2024 12:30
1%
1.2%
Wednesday 31 January 2024 13:30
1%
0.9%
Tuesday 31 October 2023 12:30
1%
1.1%
Friday 28 July 2023 12:30
1.1%
1%
Friday 28 April 2023 12:30
1.1%
1.2%
Tuesday 31 January 2023 13:30
1.1%
1%
Friday 28 October 2022 12:30
1.2%
1.2%

Economic context

Recent economic data has been moderately bullish for USD. Other recent announcements which may affect the market's interpretation of the next Employment Cost Index result:

PreviousLatest
Pending Home Sales (MoM)Bearish change1.8%-0.8%
Core Personal Consumption Expenditures (QoQ)Bearish change3.5%2.5%
Gross Domestic Product AnnualizedBullish change-0.5%3%
Gross Domestic Product Price IndexBearish change3.8%2%
Personal Consumption Expenditures Prices (QoQ)Bearish change3.7%2.1%
ADP Employment ChangeBullish change-23K104K
JOLTS Job OpeningsBearish change7.771M7.437M
Housing Price Index (MoM)Bullish change-0.3%-0.2%
Durable Goods OrdersBearish change16.5%-9.3%
Durable Goods Orders ex DefenseBearish change15.7%-9.4%
Durable Goods Orders ex TransportationBearish change0.6%0.2%
Nondefense Capital Goods Orders ex AircraftBearish change2%-0.7%
New Home Sales Change (MoM)Bullish change-11.6%0.6%
S&P Global Composite PMIBullish change52.954.6
S&P Global Manufacturing PMIBearish change5249.5
S&P Global Services PMIBullish change52.955.2
Initial Jobless ClaimsBullish change221K217K
Existing Home Sales Change (MoM)Bearish change1%-2.7%
Michigan Consumer Expectations IndexBullish change58.158.6
Michigan Consumer Sentiment IndexBullish change60.761.8
UoM 1-year Consumer Inflation ExpectationsBearish change5%4.4%
UoM 5-year Consumer Inflation ExpectationBearish change4%3.6%
Building Permits (MoM)Bullish change1.394M1.397M
Housing Starts (MoM)Bullish change1.263M1.321M
Initial Jobless ClaimsBullish change228K221K
Philadelphia Fed Manufacturing SurveyBullish change-415.9
Retail Sales (MoM)Bullish change-0.9%0.6%
Retail Sales Control GroupBullish change0.2%0.5%
Retail Sales ex Autos (MoM)Bullish change-0.3%0.5%

About Employment Cost Index

Country:United States
Currency:USD
Source:US Bureau of Labor Statistics
Category:Labor Market
Frequency:Quarterly
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