US Labor Costs Rise From Year Earlier by Least Since 2021
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US labor cost growth cooled in the fourth quarter from a year earlier, reassuring Federal Reserve policymakers wage pressures are gradually diminishing and no longer a key driver of inflation.
The employment cost index, which tracks changes in wages and benefits, increased 3.8% from the same period in 2023, the slowest pace in more than three years, according to Bureau of Labor Statistics figures out Friday.