One of the most closely watched economic indicators by the Federal Reserve is the Employment Cost Index generated by the US Bureau of Labor Statistics.

Private industry wages and salarie rose 3.1% YoY in September, the highest since 2008.

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And not surprisingly, the biggest increase in benefits (also 3.1% YoY) is for … State and Local Government workers. Apparently, they don’t believe that there is a public pension fund crisis … or don’t care.

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As of 10:26 AM EST, the Dow had risen over 300 points after the announcement.

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So will Fed Chair Jerome Powell keep raising rates after the employment cost report?

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The Jerome Powell themesong.