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The Fed's Wage Gauge: The Employment Cost Index

The ECI is immune to composition shifts (who got hired or fired), which is why the Fed prefers it over average hourly earnings.

The Fed's Wage Gauge: The Employment Cost Index
Source: U.S. Bureau of Labor Statistics (FRED) · ECIALLCIVData through Q1 2026 · Updated Jul 14, 2026

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Chixan (2026). The Fed's Wage Gauge: The Employment Cost Index. U.S. Bureau of Labor Statistics (FRED). https://chixan.com/charts/employment/us_eci_wage_growth/

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