Here comes the employment cost index ...

We’re about to get our best look at wage growth in the US.

At 8:30 am E.T., the Bureau of Labour Statistics will release the latest employment cost index, which is a more comprehensive read on how much employers are paying employees.

Expectations are for the report to show that in the third quarter the ECI rose 0.6% in the third quarter after a 0.2% increase in the second quarter, which was the slimmest gain on record.

In the second quarter, the ECI rose 2% over the prior year after a 2.3% year-on-year increase in the first quarter led many economists to argue that despite tepid average hourly wage figures, wages pressures were indeed building in the economy.

Friday is a busy day for economic data with inflation data also crossing at 8:30 and consumer confidence coming up at 10.

But with so much focus on the labour market in recent months, the once-overlooked ECI report is now front and center.

We’ll be back with the live numbers when they cross.

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