고용비용지수 ECI

https://news.einfomax.co.kr/news/articleView.html?idxno=4212429

[시사금융용어] 고용비용지수(Employment Cost Index) - 연합인포맥스

고용주가 고용주에게 주는 보상, BLS의 고용주 대상 조사
* 분기 단위의 데이터고 큰 변화가 없으면 시장 영향력은 별로 없는 지표로 보인다. 다른 노동 지표 대비 노동 시장에 대해 미묘한 함의점이 있는 걸로 보이지만, 그것까지 다루려 하는건 너무 아카데믹한 공부가 될 것 같다.

https://www.investopedia.com/terms/e/eci.asp

Employment Cost Index (ECI)

Advantages of ECI:

• The ECI calculates the total set of employee costs to businesses, not just wages. Health insurance, pensions and death-benefit plans, and bonuses are all calculated here and broken out separately from wages and salaries.
• Data is provided with and without a seasonal adjustment.
• Well respected by both the Fed and business leaders; company managers use the ECI to compare their own compensation costs relative to their industries.
• Rates of change are showed from the previous quarter and on a year-over-year basis.

Disadvantages of the ECI:

• The data is only released quarterly, and with a slight overlap, covering a mid-month period.
• Hourly earnings shown in the monthly “Employment Situation Report” provide some headway into each release, taking some of the surprise value out of wages.
• ECI can be volatile when periodic bonuses, commission payments and the like are taken into account (especially at year-end); economist interpretation is often needed to fully digest the report.

ECI is one of the main economic indicators used by the Federal Reserve to set monetary policy. Another benefit of the methodology used in the ECI is that wage changes that occur as a result of a shift in the occupational mix of workers can be captured here using a "basket of occupations" approach similar to that of the CPI. Results of the ECI are less likely to be affected by people shifting to lower or higher-paying jobs.