April 29, 2022 12:54 GMT
- The ECI was notably stronger than expected in Q1 at +1.4% Q/Q (cons. 1.1%) after the 1.0% in Q4 but it was boosted by surging benefits (+1.8% Q/Q).
- Wages & salaries are still growing strongly though, accelerating to +1.2% Q/Q after the 1% in Q4, albeit still a little below the particularly strong 1.5% in Q3, a figure that helped the Fed’s original hawkish pivot.
- There’s a broadly similar trend across by private and government industries.