At 8:30 a.m. ET, we’ll get the Q1 employment cost index.
Economists estimate this index to have climbed by 0.6% during the first three months of the year.
While this report is updated pretty infrequently, it has nevertheless received more attention as the debate over US wage growth has intensified.
“The ECI often is considered the best overall measure of labour costs because it includes other forms of compensation besides hourly pay (such as commissions) as well as benefit costs (which account for more than 30% of the total),” Credit Suisse economists explained on Friday. “Also, the ECI is not distorted by shifts in the industry mix, unlike average hourly earnings.”