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MNI BRIEF: Q1 US Employment Cost Index Reaccelerates To 1.2%

(MNI) WASHINGTON

Closely watched gauge of wage pressures came in higher than expected.

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The U.S. employment cost index, a broad measure of wage growth closely watched by Federal Reserve officials, reaccelerated to 1.2% in the first quarter from 0.9% the previous three months, and beat expectations for 1.0% gain, the Bureau of Labor Statistics said Tuesday. That remains above the 0.6% gain on average before the pandemic.

Both wages and salaries and benefit costs increased 1.1% from the previous quarter. Overall compensation rose 4.2% over the 12 months ended March, down from 4.8% a year earlier. Fed officials have been concerned wage pressures could keep services prices sticky. (See: MNI INTERVIEW: Fed Cuts Likely Delayed Till November -Lockhart)

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The U.S. employment cost index, a broad measure of wage growth closely watched by Federal Reserve officials, reaccelerated to 1.2% in the first quarter from 0.9% the previous three months, and beat expectations for 1.0% gain, the Bureau of Labor Statistics said Tuesday. That remains above the 0.6% gain on average before the pandemic.

Both wages and salaries and benefit costs increased 1.1% from the previous quarter. Overall compensation rose 4.2% over the 12 months ended March, down from 4.8% a year earlier. Fed officials have been concerned wage pressures could keep services prices sticky. (See: MNI INTERVIEW: Fed Cuts Likely Delayed Till November -Lockhart)