Q2's Employment Cost Index (ECI) comes out tomorrow morning. In his press conference yesterday, Fed Chair Jerome Powell assessed inflationary pressures in the labor market. He said:
"There's some evidence that wages, if you look at average hourly earnings [AHE], they appear to be moderating. Not so yet from the other wage measures. And we'll be getting the employment compensation index measurement I think on Friday. And that's a very important one because it adjusts for composition."