Jobs
US Labor Costs Rise at Firm Pace, Keeping Fed Hikes on Track
- Employment cost index increased 1.2% in third quarter
- Wages and salaries advanced 1.3%; benefits costs rose 1%
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US employment costs rose at a firm pace in the third quarter, underscoring persistent inflationary pressures that will keep the Federal Reserve on a course of steep interest-rate hikes.
The employment cost index, a broad gauge of wages and benefits, increased 1.2% in the July-September period, according to Labor Department figures released Friday. The gain matched the median estimate in a Bloomberg survey of economists.