Here comes the employment cost index...

The employment cost index (ECI) is expected to rise by 0.6% when its released by the Bureau of Labor Statistics at 8:30 a.m. ET.

The ECI is a comprehensive measure of employee wages and benefits, essentially the total labor cost for employers. It is a fuller picture of wage pressures than the monthly average hourly earnings.

The index increased by 0.6% in the second quarter, and increased 2.3% over the prior year, it's second-highest reading since the recession.

Wages and salaries for civilian workers (which makes up 70% of the index) increased by 0.6% in the second quarter and benefits rose by 0.5%.

We'll have this quarter's numbers when they cross, so refresh the page for updates.