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.
- 重要性
- Medium
- 发布时间
- Quarterly
- 下次发布
- 货币
- USD · US dollar
- 中央银行
- The Federal Reserve
最新数据
最新一期（Q3）于 2026-10-30 公布，数值为 0.8%。 与 0.8% 的市场预期一致。 低于上次的 0.9%。
符合预期的结果通常反应不大：已被市场消化。
最近 8 次公布中介于 0.7% 至 0.9%，平均 0.8%。
| 发布时间 | 期限 | 实际值 | 预期值 | 前值 |
|---|---|---|---|---|
| 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% |
为何重要
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.
计算方法
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 − inflation变化意味着什么
- 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.
高于预期：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.
低于预期：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.
简史
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.
问题
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.
仅供学习参考，不构成投资建议。数据为我们日历记录的已发布结果；所述市场反应为典型情况，并无保证。