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Wages and benefits rise at fastest pace in more than 2 years |
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Written by asap
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Tuesday, 31 October 2006 |
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Employing workers costs — a lot.
Wages and benefits paid to American workers rose in the July-September period at the fastest pace in more than two years. The Labor Department reported that its Employment Cost Index was up 1 percent in the third quarter, compared to a 0.9 percent rise in the April-June period. It was the biggest quarterly increase since a similar 1 percent rise in the second quarter of 2004.
The increase, which was above the 0.9 percent rise that economists had been expecting, was led by a big jump in the cost of employee benefits such as health insurance and pensions.
"U.S. labor markets remain historically tight and wage pressures continue to mount, particularly for the most skilled workers. This is something the Fed is keeping its eye on," said Michael Gregory, an economist with BMO Capital Markets. | Only registered users can write comments.
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