Employment Cost Index

The Employment Cost Index (ECI), released by US Bureau of Labour Statistics, is a quarterly measure of the change in the price of labor, defined as compensation per employee hour worked. Closely watched by many economists, the ECI is an indicator of cost pressures within companies that could lead to price inflation for finished goods and services. The index measures changes in the cost of compensation not only for wages and salaries, but also for an extensive list of benefits.

Most recent - Thursday 31 July 2025 12:30

Previous
0.9%
Revised
-
Forecast
0.8%
Actual
0.9%

Higher numbers than forecast tend to be bullish for USD/xxx pairs and bearish for xxx/USD pairs.

Next event - Friday 31 October 2025 12:30

Previous
0.9%
Forecast
-
Actual
-

The typical/expected impact on USD pairs is medium.

There is no forecast value for Employment Cost Index yet - check back for updates.

Trading range

Forecast history

The most recent announced value for Employment Cost Index was 0.9% against a forecast of 0.8%.

Past events

Date
Forecast
Actual
Thursday 31 July 2025 12:30
0.8%
0.9%
Wednesday 30 April 2025 12:30
0.9%
0.9%
Friday 31 January 2025 13:30
0.9%
0.9%
Thursday 31 October 2024 12:30
0.9%
0.8%
Wednesday 31 July 2024 12:30
1%
0.9%
Tuesday 30 April 2024 12:30
1%
1.2%
Wednesday 31 January 2024 13:30
1%
0.9%
Tuesday 31 October 2023 12:30
1%
1.1%
Friday 28 July 2023 12:30
1.1%
1%
Friday 28 April 2023 12:30
1.1%
1.2%
Tuesday 31 January 2023 13:30
1.1%
1%
Friday 28 October 2022 12:30
1.2%
1.2%

Economic context

Recent economic data has been broadly neutral for USD. Other recent announcements which may affect the market's interpretation of the next Employment Cost Index result:

PreviousLatest
Challenger Job CutsBearish change85.979K54.064K
ISM Manufacturing Employment IndexBullish change43.845.3
ISM Manufacturing New Orders IndexBearish change51.448.9
ISM Manufacturing PMIBullish change48.749.1
ISM Manufacturing Prices PaidBearish change63.761.9
ADP Employment ChangeBearish change-3K-32K
JOLTS Job OpeningsBullish change7.208M7.227M
Chicago PMIBearish change41.540.6
Housing Price Index (MoM)Bullish change-0.2%-0.1%
Pending Home Sales (MoM)Bullish change-0.3%4%
Michigan Consumer Expectations IndexBearish change51.851.7
Michigan Consumer Sentiment IndexBearish change55.455.1
UoM 1-year Consumer Inflation ExpectationsBearish change4.8%4.7%
UoM 5-year Consumer Inflation ExpectationBearish change3.9%3.7%
Core Personal Consumption Expenditures - Price Index (MoM)(no change)0.2%0.2%
Core Personal Consumption Expenditures - Price Index (YoY)(no change)2.9%2.9%
Personal Consumption Expenditures - Price Index (MoM)Bullish change0.2%0.3%
Personal Consumption Expenditures - Price Index (YoY)Bullish change2.6%2.7%
Personal Income (MoM)(no change)0.4%0.4%
Personal SpendingBullish change0.5%0.6%
Existing Home Sales Change (MoM)Bearish change2%-0.2%
Core Personal Consumption Expenditures (QoQ)Bullish change2.5%2.6%
Durable Goods OrdersBullish change-2.7%2.9%
Durable Goods Orders ex DefenseBullish change-2.5%1.9%
Durable Goods Orders ex TransportationBearish change1%0.4%
Gross Domestic Product AnnualizedBullish change3.3%3.8%
Gross Domestic Product Price IndexBullish change2%2.1%
Initial Jobless ClaimsBullish change232K218K
Nondefense Capital Goods Orders ex AircraftBearish change0.8%0.6%
Personal Consumption Expenditures Prices (QoQ)Bullish change2%2.1%
New Home Sales Change (MoM)Bullish change-1.8%20.5%
S&P Global Composite PMIBearish change54.653.6
S&P Global Manufacturing PMIBearish change5352
S&P Global Services PMIBearish change54.553.9

About Employment Cost Index

Country:United States
Currency:USD
Source:US Bureau of Labor Statistics
Category:Labor Market
Frequency:Quarterly
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