Loading page content
Data from FMP. Forecasts by Sigmanomics Forecast Engine.
United StatesUS Employment Cost - Wages QoQ climbed to 0.9% in Q3 2026
FMPMonthlyReleased July 2026
US Employment Cost - Wages QoQ climbed to 0.9% in Q3 2026, up 0.1% from June's 0.8% reading. The print exceeded the 0.7% consensus by 0.2%.
Latest Release
0.900000
Actual
0.700000
Consensus
0.800000
Previous
Median Absolute Error
±0.2 percentage points
across last 11 releases
Last Call
Jul 2026
Predicted: 0.7
Actual: 0.9
Error: -0.2
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| S&P 500 | ▲ Direct | +0.50 | INDEX | Moves with | → View |
| EUR/USD | ▼ Inverse | −0.45 | FOREX | Moves against | → View |
| USD/JPY | ▲ Direct | +0.40 | FOREX | Moves with | → View |
| XAU/USD | ▼ Inverse | −0.35 | COMMODITIES | Moves against | → View |
| BTC/USD | ▲ Direct | +0.30 | CRYPTO | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Employment Cost - Wages QoQ (United States) was reported at 0.9% in July 2026. This beat the market consensus of 0.7% by 0.2%. The reading rose from the previous value of 0.8%. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 0.8%, down from the prior three at 0.9%. In July readings over the past 3 years, Employment Cost - Wages QoQ has averaged 0.93%.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with S&P 500 (Bullish Stocks). A secondary relationship exists with EUR/USD, negatively correlated (Bearish EUR). Over the last 11 releases, the Sigmacast model's median absolute error is 0.2%.
WHAT TO WATCH NEXT
The next release is scheduled for October 30, 2026. Same-country events in the next 14 days include MBA 30-Year Mortgage Rate (Sep 30) and ADP Employment Change (Sep 30).
Auto-generated from current model state · Refreshes on each release · Last update July 2026.
SHARE
Employment Cost - Wages QoQ - US
Loading chart data...
About Employment Cost - Wages QoQ — United States
DEFINITION
Employment Cost - Wages QoQ is a financial indicator that measures the change in wages and salaries for employees on a quarterly basis. It provides valuable insight into the overall labor market and can be used to assess the health of the economy. This indicator is closely monitored by businesses, investors, and policymakers as it can impact consumer spending, inflation, and overall economic growth. A positive change in Employment Cost - Wages QoQ indicates an increase in wages and potentially a stronger job market, while a negative change may suggest a slowdown in employment and wage growth.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Apr 2026): actual 0.9 %, consensus 0.7 %. Prior reading (Jan 2026): 0.8 %. Before that (Oct 2025): 0.7 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with S&P 500 (Bullish Stocks, r=0.50) — a useful reference for index-focused traders.
Σ
EXPECTED ZONE
SIGMANOMICS MARKET FORECAST ENGINE
Multi-horizon symbol forecasts, Rolling-Surprise economic predictions, and programmatic API access.
Expected Zones · Trade Bias · Confidence Intervals · API Access · 1,456+ instruments
FOREXCRYPTOSTOCKSCOMMODITIESINDICESAPI
BLSBEAFMPWORLD BANKFRED
1,456+ instruments247 indicators530+ correlationsREST + GQL API
4,151 economic indicators127 countries covered6 data sources
FREDBLSEIAECBBOJFMP
Economic Calendar - US Events
| Tuesday, September 29, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 13:00 | US | House Price Index | 443.5 | 442.3 | 442.9 | 443.20 | Low |
| 13:00 | US | S&P/Case-Shiller Home Price YoY | 2.5 | 2.2 | 2.2 | 2.35 | Medium |
| 13:00 | US | S&P/Case-Shiller Home Price MoM | 0 | 0.4 | 0.2 | 0.10 | Low |
| 13:00 | US | House Price Index YoY | 2.6 | 2.3 | 2.2 | 2.40 | Low |
| 13:00 | US | House Price Index MoM | 0.3 | 0 | 0.1 | 0.20 | Low |
| 14:00 | US | CB Consumer Confidence | 81.9 | 88.6 | 89.2 | 85.55 | Medium |
| 14:00 | US | JOLTs Job Openings | 7.079 | 7.335 | 7.23 | 7.15 | High |
| 14:00 | US | JOLTs Job Quits | 3.066 | 3.089 | 3 | 3.03 | Low |
| 14:30 | US | Dallas Fed Services Revenues Index | -0.9 | 6.6 | 2 | 0.55 | Low |
| 14:30 | US | Dallas Fed Services Index | -1.8 | 4.2 | 1 | -0.40 | Low |
| 20:30 | US | API Crude Oil Stock Change | 1.019 | 1.786 | -1.9 | -0.44 | Medium |
| 20:50 | US | API Crude Oil Stock Change | 1.019 | 1.786 | -1.9 | -0.44 | Medium |