US DATA: Q2 ECI +0.7% vs +0.6% in Q1 and above of a..

US DATA: Q2 ECI +0.7% vs +0.6% in Q1 and above expectations of a
0.4% rise. ECI rise highest since Sept’08 (+0.7%). ECI rose +2.2% YOY
(not seasonally adjusted). Q2 Benefit costs +1.3% vs +1.1% in the
previous quarter, YOY +3.6%. Wages and salaries +0.4%, vs. +0.4% in Q1,
YOY +1.6%. In Private industry, Q2 compensation costs were +0.8% vs
+0.5% in Q1, YOY +2.3%. Compensation costs for State and local govt
+0.4% vs +0.5% in Q1, YOY +1.7%.