Slightly above the 0.7% consensus guesstimate. (Trading Economics, also on blogroll at right)
From the Bureau of Labor Statistics:
Employment Cost Index News Release
Transmission of material in this release is embargoed until
8:30 a.m. (ET) Friday, April 30, 2021
EMPLOYMENT COST INDEX – March 2021
Compensation costs for civilian workers increased 0.9 percent, seasonally adjusted, for the 3-month period ending in March 2021, the U.S. Bureau of Labor Statistics reported today.
Wages and salaries increased 1.0 percent and benefit costs increased 0.6 percent from December 2020. (See tables A, 1, 2, and 3.) Compensation costs for civilian workers increased 2.6 percent for the 12-month period ending in March 2021 and increased 2.8 percent in March 2020.
Wages and salaries increased 2.7 percent over the year and increased 3.1 percent for the 12-month period ending in March 2020. Benefit costs increased 2.5 percent over the year and increased 2.1 percent for the 12-month period ending in March 2020. (See tables A, 4, 8, and 12.)....
....MUCH MORE
Reprising April 21's Roubini: "Is Stagflation Coming?":
Astute readers have probably picked up on the fact that except when quoting others, we attempt to avoid the word inflation, instead focusing on whether prices are rising (they are). The reason for this choice in framing the conversation is a concerted effort by folks who make money off of inflation, including financial advisors to insist there is no inflation. Or at worst, there is but it is transitory.
They don't want the Fed to pull the punch bowl and have the party end.
Their most common argument is that we are not seeing wage increases.
That's cool, we'll just talk prices.
(although we are seeing anecdotal reports that companies, the hospitality industry in particular, are paying bounties for new hires and are paying retention bonuses for existing employees. Anecdotes turn into statistics after a lag)....
