The U.S. employment cost index (ECI) rose 0.8% q/q in Q3, down from 0.9% in Q2
and in line with economists' forecasts, the Bureau of Labor Statistics said on
Friday. Over the 12 months through September ECI increased 3.4%, unchanged from
the year through June. Policymakers view the ECI as a key gauge of labor-market
slack and a leading indicator for core inflation because it adjusts for
workforce composition and job-quality changes.