It is a widely watched series by the financial sector, yet the ECI gets less press coverage than the more commonly quoted [[Consumer Price Index]] (CPI)], which is also prepared by the BLS. While the CPI is a measure of [[inflation]] in consumer prices, the ECI is vital in that it gives an indication of whether employment cost changes are rising or falling, thus measuring wage inflation of wages, and employer-paid benefits. [[Chairman of the Federal Reserve]] [[Ben Bernanke]] said of the ECI, "The Employment Cost Index is indispensable to understanding America's economy. It ensures the accuracy of the statistics on employers' compensation costs that we rely on for economic policy making and for successful business planning." In making decisions to adjust the [[prime interest rate]], the [[Federal Reserve]] often cites shifts in the ECI as having an effect on their decision-making process.
