Editor's Note: Below is a brief excerpt from today's Early Look written by U.S. Macro analyst Christian Drake. Click here to learn more about the Early Look.
The ECI (employment cost index) for 3Q released on Tuesday continued to accelerate. Indeed, growth in Wage and Salary costs accelerated to a new 10Y high at +2.5% Y/Y in 3Q17. Still underwhelming? Yes. But the trend is irrefutably accelerating as the expansion continues to mature and the labor markets plods towards increasingly tautness.
