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Wages and salaries rose in the third quarter at a faster pace as the U.S. labor market continued to make progress.The 0.6 percent advance followed a 0.2 percent increase in the previous quarter that was the smallest in data going back to 1982, a Labor Department report showed Friday. The employment cost index, which also includes benefits, also rose 0.6 percent, matching the median forecast in a Bloomberg survey.
Businesses are trying to attract or retain skilled workers as the economy expands and the jobless rate hovers near levels consistent with full employment. A sustained pickup in wage growth, which has remained elusive in this expansion, would help bring inflation closer to the Federal Reserve’s goal as policy makers consider raising interest rates.
Businesses are trying to attract or retain skilled workers as the economy expands and the jobless rate hovers near levels consistent with full employment. A sustained pickup in wage growth, which has remained elusive in this expansion, would help bring inflation closer to the Federal Reserve’s goal as policy makers consider raising interest rates.
