The Employment Cost Index (ECI) is a quarterly measure of the change in the cost of labor, including wages and employer-paid benefits. It is considered one of the most comprehensive measures of labor market inflation because it is not affected by shifts in the occupational mix of the workforce. The Federal Reserve closely monitors this index to assess wage-push inflation pressures.
Calculated by the Bureau of Labor Statistics using the National Compensation Survey, which tracks changes in compensation costs for a fixed set of occupations over time.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Jul 31, 2026 | 0.90 | 0.80 | +0.10 |
| Apr 30, 2026 | 0.90 | 0.80 | +0.10 |
| Feb 10, 2026 | 0.70 | 0.80 | -0.10 |
| Dec 10, 2025 | 0.80 | 0.90 | -0.10 |
| Jul 31, 2025 | 0.90 | 0.80 | +0.10 |
| Apr 30, 2025 | 0.90 | 0.90 | 0.00 |
| Jan 31, 2025 | 0.90 | 0.90 | 0.00 |
| Oct 31, 2024 | 0.80 | 0.90 | -0.10 |
| Jul 31, 2024 | 0.90 | 1.00 | -0.10 |
| Apr 30, 2024 | 1.20 | 1.00 | +0.20 |
| Jan 31, 2024 | 0.90 | 1.00 | -0.10 |
| Oct 31, 2023 | 1.10 | 1.00 | +0.10 |
| Jul 28, 2023 | 1.00 | 1.10 | -0.10 |
| Apr 28, 2023 | 1.20 | 1.10 | +0.10 |
| Jan 31, 2023 | 1.00 | 1.10 | -0.10 |
| Oct 28, 2022 | 1.20 | 1.20 | 0.00 |
| Jul 29, 2022 | 1.30 | 1.20 | +0.10 |
| Apr 29, 2022 | 1.40 | 1.10 | +0.30 |
| Jan 28, 2022 | 1.00 | 1.20 | -0.20 |
| Oct 29, 2021 | 1.30 | 0.90 | +0.40 |
