An increase in wages & salaries along with higher benefits made for
an uptick in employer costs during the third quarter, up 0.7 percent
versus a 0.6 percent increase in the second quarter and making for a 1
tenth increase in the year-on-year rate to 2.8 percent.
Wages
& salaries rose a sharp 0.9 percent from the second quarter though
year-on-year held at a 2.9 percent rate. Benefit costs have generally
been rising at a slower rate that wages though they did pick up in the
third quarter to a 0.6 percent increase from the second quarter's 0.5
percent increase. Year-on-year, benefit costs are up a comparatively
distant 2.3 percent.
The employment cost index had been leveling
out and though the year-on-year readings are still mostly flat, the
third quarter did see a tangible shift higher. Watch tomorrow for
average hourly earnings in the October employment report for the latest
indication of wage trends, this time from the workers' perspective.
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