US Employment Cost Index rises more quickly than expected in Q1

(Sharecast News) - The cost in the U.S. of employing workers picked up modestly at the start of 2024 amid a jump in benefits. According to the Department of Labor, the country's Employment Cost Index advanced by 1.2% quarter-on-quarter.

That followed a 0.9% rise over the prior three months and compared to a 1.0% increase forecast by economists.

Wage and salary growth was steady at 1.1% on the quarter, despite gains in both the private and public sectors, while that of benefits sped up from 0.7% to 1.1%.

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