US DATA: Q4 ECI +0.4% vs +0.3% in Q3, exactly as expected. ECI rose
2.0% YOY (not seasonally adjusted). Q4 Benefit costs +0.6% vs +0.1% in
the previous quarter, YOY +3.2%. Wages and salaries +0.4% vs. +0.3% in
Q3. Wages +1.4% YOY (lowest since June 1982). In private industry, Q4
compensation costs were +0.4% vs the same rate of increase in Q3, YOY
+2.2%. Compensation costs for State and local govt +0.3% in Q4 after
seeing no change in Q3. +1.3% YOY (also lowest on record).