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FYI: The next ECI will be released on Jan 30 and the NFIB data that just came out points to more upward pressure, see chart below. Also, remember that the wage data used in the Fed’s FRBUS model of the US economy is the employment cost index and not average hourly earnings. Regards, Ted http://www.ritholtz.com/blog/2015/01/nfib-points-to-upward-pressure-on-wages/print/
