US Labor Costs Rise in 1st Quarter; Another Problem in Inflation Fight

Published on April 30, 2024

U.S. labor costs rose more than market estimates in the first quarter due to increased wages and benefits, highlighting that inflation pressures have surged to start the year. The Employment Cost Index (ECI), a broad gauge of labor costs closely monitored by the Federal Reserve (Fed), advanced 1.2 percent in the first three months of 2024, according to the Bureau of Labor Statistics (BLS). This is up 0.9 percent from the fourth quarter and higher than the consensus estimate of 1 percent. Compared to the same three-month period a year ago, the ECI eased to 4.2 percent. Real (inflation-adjusted) employment costs inched 0.1 percent higher in the three-month span....

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