The 2nd quarter Employment Cost Index came in at .6%, on a year ago basis costs increased 2.3% led by wages and salaries up .6% for the quarter and benefits up .5%. On a year ago basis wages have gained 2.5% while benefits have increased 2%.
The Chicago Purchasing Managers Index of manufacturing activity beat expectations despite slipping fractionally to 55.8 in July on weakness in new orders to round out the week’s data.
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