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Though economists cautioned against reading too much into the rise in the employment cost index, they said a tightening jobs market suggested wage growth would soon accelerate significantly. Most members of the Federal Reserve appear to believe it will be a lot later and not very rapidly but I am not that sure," said Joel Naroff, chief economist at Naroff Economics Advisors in Holland, Pennsylvania. The Employment Cost Index, the broadest measure of labor costs, rose 0.7 percent. It is one of Fed Chair Janet Yellen's favorite labor market gauges and is being closely watched for clues on the timing of the first interest rate increase from the U.S. central bank.