US DATA: Q3 ECI +0.3% vs +0.7% in Q2 and nowhere to..

US DATA: Q3 ECI +0.3% vs +0.7% in Q2 and nowhere close to
expectations of a 0.6% rise. ECI rise the lowest since Sept 2009. ECI
rose +2.0% YOY (not seasonally adjusted). Q3 Benefit costs +0.1% vs
+1.3% in the previous quarter, YOY +3.2%. Wages and salaries +0.3%, vs.
+0.4% in Q2, YOY +1.6%. In private industry, Q3 compensation costs were
+0.4% vs +0.8% in Q2, YOY +2.1%. Compensation costs for State and local
govt saw no change in Q3 vs 0.4% increase in Q2, YOY +1.5%.