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2Q ECI +0.6% as expected, down from +0.8% a.>

US DATA
US DATA: 2Q ECI +0.6% as expected, down from +0.8% in 1Q due to a sharp 
deceleration in wages and salaries, partially offset by a stronger pace 
of benefits growth.
- ECI +2.8% y/y in 2Q, up from +2.7% y/y in 1Q and much strong than 
+2.4 y/y in 2Q 2017.
- Wages and salaries +0.5% vs +0.9% in previous quarter, but the y/y 
rate still accelerated to +2.8% from +2.7% in the previous quarter.
- Benefits +0.9% vs +0.7% in 1Q. Benefits +2.9% y/y vs +2.6% y/y in 1Q.
- Overall, the data suggests compesation in now on a steeper upward 
track, though some of the rise in the y/y gain can be blamed on a 
weaker 2Q 2017.

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