Wages and labour costs · United States
United States Employment Cost Index QoQ
The United States Employment Cost Index QoQ measures how fast pay, or the total cost of employing people, is rising in the United States.
- Importance
- Medium
- Publié
- Quarterly
- Prochaine publication
- Devise
- USD · US dollar
- Banque centrale
- The Federal Reserve
Derniers chiffres
La dernière publication, pour Q3, est parue le 2026-10-30 et s’est établie à 0.8%. C’est conforme au consensus de 0.8%. C’est moins que 0.9% la fois précédente.
Un résultat conforme au consensus provoque généralement peu de réaction : il était déjà intégré dans les prix.
Sur les 8 dernières publications, la valeur est allée de 0.7% à 0.9%, avec une moyenne de 0.8%.
| Publié | Pour | Réel | Consensus | Précédent |
|---|---|---|---|---|
| 30 Oct 2026 | Q3 | 0.8% | 0.8% | 0.9% |
| 31 Jul 2026 | Q2 | 0.9% | 0.8% | 0.9% |
| 30 Apr 2026 | Q1 | 0.9% | 0.8% | 0.7% |
| 10 Feb 2026 | Q4 | 0.7% | 0.8% | 0.8% |
| 10 Dec 2025 | Q3 | 0.8% | 0.9% | 0.9% |
| 31 Jul 2025 | Q2 | 0.9% | 0.8% | 0.9% |
| 30 Apr 2025 | Q1 | 0.9% | 0.9% | 0.9% |
| 31 Jan 2025 | Q4 | 0.9% | 0.9% | 0.8% |
Pourquoi c’est important
Wages are the largest cost for service businesses, so wage growth well above productivity growth turns into lasting inflation. Central banks watch it to judge whether inflation will return to target; strong wage growth tends to keep the Federal Reserve hawkish.
Mode de calcul
Pay data come from employer surveys, tax records or collective agreements; the release usually shows the change from a year earlier. Labour cost indexes include employers' social contributions and benefits.
Wage growth (yoy) = average pay ÷ average pay a year ago − 1
Real wage growth ≈ wage growth − inflationCe que signifient les variations
- Wage growth of about 3–3.5% is roughly consistent with 2% inflation when productivity grows about 1%.
- Compositional effects (low-paid workers losing jobs) can lift the average misleadingly.
Supérieur aux attentes : A higher figure than expected makes the Federal Reserve more likely to keep rates high or raise them: it tends to support the US dollar and push bond yields up, and is often a weight on stocks.
Inférieur aux attentes : A lower figure than expected gives the Federal Reserve room to cut or hold rates lower: the US dollar tends to soften and bond yields to fall.
Un bref historique
The link between wages and inflation was described by A. W. Phillips in 1958 (the Phillips curve); it has weakened and strengthened over the decades but remains central to central-bank thinking.
Questions
What is the United States Employment Cost Index QoQ?
The United States Employment Cost Index QoQ measures how fast pay, or the total cost of employing people, is rising in the United States.
What was the latest United States Employment Cost Index QoQ?
0.8% for Q3, published on 30 October 2026 (consensus 0.8%, previous 0.9%).
When is the next United States Employment Cost Index QoQ?
On Friday 29 January 2027 at 13:30 UTC.
Contenu éducatif uniquement, pas un conseil en investissement. Les chiffres sont les résultats publiés tels qu’enregistrés par notre calendrier ; les réactions de marché décrites sont typiques, non garanties.