U.S. employment costs picked up in the third quarter from the previous three months, helped in part by faster wage gains in manufacturing, the Labor Department said Tuesday.
Highlights of Employment Cost Index
Employment cost index advanced 0.7%, matching the estimate, after a 0.5% gain in the prior three months. Wages and salaries also rose 0.7% in the third quarter, as benefits costs climbed 0.8% after rising 0.6%. Total compensation, meanwhile, which includes wages and benefits, rose 2.5% over the past 12 months, the most since 1Q 2015.
The report showed a 1% increase in manufacturer employment costs from the prior quarter, helped by a jump at aircraft makers. Wages and salaries at factories climbed 0.8%, while benefit
From Industry Week