US Employment Cost Index Slows to 0.8% in Q3, Matching Consensus Expectations

U.S. labor cost growth moderated in the third quarter, with the Employment Cost Index rising 0.8% quarter-over-quarter to match market forecasts. Data from the Bureau of Labor Statistics showed the pace slowed slightly from the 0.9% increase recorded in the second quarter, while civilian worker compensation advanced 3.4% year-over-year on an unadjusted basis. The reading aligns with expectations ahead of other macroeconomic releases, including the October Chicago PMI, weekly CFTC positioning data for major equity indices, and scheduled remarks from San Francisco Fed President Mary Daly.