Business
WAGE GROWTH COOLS: U.S. LABOR COSTS RISE MORE SLOWLY IN THIRD QUARTER
U.S. labor costs increased moderately in the third quarter amid a slowdown in wage growth, suggesting the labor market was unlikely to be an inflation risk, Reuters reported Friday.
U.S. labor costs increased moderately in the third quarter amid a slowdown in wage growth, suggesting the labor market was unlikely to be an inflation risk, Reuters reported October 30.
The Employment Cost Index, the broadest measure of labor costs, rose 0.8% last quarter after increasing 0.9% in the April–June period, the Labor Department's Bureau of Labor Statistics said on Friday.
Labor costs advanced 3.4% in the 12 months through September, the same margin as in the year through June.
Wages and salaries, which account for the bulk of labor costs, climbed 0.7% last quarter after rising 0.9% in the second quarter, and increased 3.1% over 12 months, mostly lagging inflation.
Wages adjusted for inflation dropped 0.6% in the 12 months through September after declining 0.3% in the year through June.
Reporting: Reuters
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