Worker pay and benefit gains firmed during the first quarter of the year according to a wage gauge closely watched by Federal Reserve policy makers.
Employers spent 1.2% more on wages and benefits last quarter versus the prior three months, a slight uptick from an upwardly revised 1.1% increase in the fourth quarter of 2022, the Labor Department said Friday. From a year earlier the employment-cost index advanced 4.8%, an easing from the 5.1% gain at the end of last year.
Worker pay and benefit gains firmed during the first quarter of the year according to a wage gauge closely watched by Federal Reserve policy makers.
Employers spent 1.2% more on wages and benefits last quarter versus the prior three months, a slight uptick from an upwardly revised 1.1% increase in the fourth quarter of 2022, the Labor Department said Friday. From a year earlier the employment-cost index advanced 4.8%, an easing from the 5.1% gain at the end of last year.