1Q US labor costs rise 1.2%, exceeding forecasts and reflecting wage pressures contributing to inflation.
US labor costs rise by the most in a year in Q1, reflecting persistent wage pressures and elevated inflation. The Employment Cost Index (ECI), a broad gauge of labor costs closely watched by the Federal Reserve, increased 1.2% in Q1, exceeding forecasts and indicating wage pressures that contribute to inflation. This could increase concerns about the Fed's progress in reducing inflation to its target.
April 30, 2024
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