“This is really good news for the economy overall and for the resilience and strength of economic growth. This will keep real wage growth in the plus column for many workers and will put a floor under consumer spending and keep consumer spending resilient over the next several quarters at least.”

Scott Anderson, chief economist at BMO Capital Markets, commented on the latest report that showed the Employment Cost Index (ECI) rose a seasonally adjusted 1.2 percent last quarter, faster growth than the 0.9 percent increase the prior quarter, according to Bureau of Labor Statistics data. Read the CNN article, “Americans’ Pay Gains Rose Faster Than Expected So Far This Year.”