Here comes wage growth ...

Here come wages.

The employment cost index for the second quarter is set for release at the bottom of the hour.

Expectations are for the report to show wages ticked up 0.6% in the second quarter after a 0.7% rise in the first quarter.

ECI in the first quarter rose 2.6% in the prior year. In contrast, average hourly earnings have been rising at around 2% over the prior year, leaving the economy and the Fed with a mixed picture of whether wages are really picking up or not.

This is the final ECI report before the September Fed meeting, and so this report will take on added significance.

We'll be back with the live numbers when they hit.