US Q2 employment cost index +0.9% vs +1.0% expected

• Prior was +1.2%
• Wages q/q +0.9% vs +1.1% prior
• Benefits +1.0% vs +1.1% prior

This data is a bit lagged but highlights the slow softening in wages and should give the Fed more confidence that a wage-price spiral isn’t a risk.

This article was written by Adam Button at www.forexlive.com.