US DATA: Q1’11 ECI +0.6% vs Q4’s +0.4%, slightly above the latest
expectations figure of +0.5%. Total ECI +2.0% YOY. Q1 benefit costs
+1.1% (+3.0% YOY) vs +0.5% in Q4. Wages/salaries +0.4% (+1.6% YOY), same
rate of growth seen in Q4. That covers private and state/local govt, but
not federal. Private industry alone showed total compensation +0.5%
(+2.0% YOY) also same as Q4, with benefits +1.2% (+3.0% YOY), vs +0.5%
in Q4. Health benefits for employers +3.4% y/y in Q1. For state/local
govt, total compensation +0.5% in Q1 (vs +0.5% in Q4) +1.8% YOY.