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ECI Broadly In Line But Private Sector Sees Faster Moderation

US DATA
  • ECI broadly as expected although close to a small beat unrounded at 1.249% Q/Q SA (cons 1.2) after 1.33% in Q2, i.e. continuing to grow at a strong rate.
  • Minimal let up in the wages & salaries component as well, which also dip a tenth from 1.4 to 1.3% Q/Q, but helped by a jump in state & local govt.
  • Private sector sees a more notable moderation on the quarter, with total compensation down from 1.5% to 1.1% Q/Q and wages & salaries also easing from 1.6 to 1.2% Q/Q - charts below.

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