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4Q ECI +0.7% vs +0.8% expected, down from...>

US DATA
US DATA: 4Q ECI +0.7% vs +0.8% expected, down from +0.8% in 3Q due to 
slower wage and salary growth, offset by faster benefits cost growth. 
ECI +2.9% y/y in 4Q, up from 2.8% in 3Q and much faster than +2.6% y/y 
in 4Q 2017.
- Wages and salaries +0.6% vs +0.9% in previous quarter, but the y/y 
rate accelerated to +3.1% from +2.9% in the previous quarter.
- Benefits +0.7% vs +0.4% in 3Q. Benefits +2.8% y/y vs +2.6% y/y in 3Q. 
- Overall, the data suggests that employment costs remain on an upward 
track, even with the modest slowdown of quarterly growth in 4Q.

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