Employment Costs
Economists are expecting the index to be rise by 0.6%, which is lower than the 0.7% increase in the third quarter.
This number may not be the flashiest data point crossing this week, but it's important given the surprising fall in average hourly earnings in the December jobs report.
"...markets will look to the quarterly Employment Cost Index for a more comprehensive reading on labor costs," than the jobs report writes Credit Suisse's Jay Feldman. "ECI is a broader measure which includes other forms of compensation besides hourly pay (such as commissions) as well as benefit costs (which are more than 30% of labor costs.)"
That being said, "a weaker number [in today's report] would reinforce the idea that wage gains remain muted and inflation risks negligible," he adds.