US Labor Costs Rise From Year Earlier, Slowest Since 2021
U.S. labor cost growth eased in the fourth quarter from a year earlier, reassuring Federal Reserve policymakers that wage pressures are gradually easing and are no longer a major driver of inflation.
The employment cost index, which tracks changes in wages and benefits, rose 3.8% from the same period in 2023, the slowest pace in more than three years, according to Bureau of Labor Statistics figures released Friday.
On a quarterly basis, the gauge rose 0.9% after rising 0.8% in the third quarter. That matched the median projection in a Bloomberg survey of economists.(AL)
Source: Bloomberg