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US ECI Boosted By Benefits, Wages Still Strong Though

DATA REACT
  • 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.
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