Rise in U.S. employment costs slows in second quarter
The numbers: The employment cost index rose 1.3% in the second quarter, down slightly from a 1.4% gain in the January-March quarter, the Labor Department said Friday. Economists polled by the Wall Street Journal had forecast a 1.1% increase.Over the past year, the ECI rose at a 5.1% rate, compared with a 4.5% rate in the first quarter.
Benefits increased 1.3% in the April-June quarter after a 1.9% gain in the prior quarter . They account for the rest of worker compensation. Year-on-year, benefits rose at a 5.3% rate, up from 4.1% in the first quarter.
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