US employment cost index for the 4th quarter 0.7% vs. 0.5% estimate

US employment cost Index with the 4th quarter

• compensation 0.7% vs. 0.5% last quarter. Estimate 0.5%
• wages and salaries 0.9% vs. 0.4% last quarter
• benefits 0.6% vs. 0.6% last quarter
• private industry sole compensation increase 0.9% vs. 0.5% last quarter. Wages and salaries rose 0.9% vs. 0.5% last quarter. Benefits 0.6% vs. 0.5% last quarter
• government sole compensation increase 0.5% vs. 0.4% last quarter. Wage and salary +0.5% vs. 0.1% last quarter. Benefits 0.6% vs. 0.8% last quarter

Pres. Biden is looking toward a $15 minimum wage. If he is able to get it through, we could expect to see increased employment costs down the room. However there is skepticism on being able to get that past as a national across the board increase.