Employment cost index rises 0.3% in first quarter

Employment cost index rises 0.3% in first quarter

 The employment cost index, which measures the price of U.S. labor, rose 0.3% in the first quarter. Economists surveyed by MarketWatch expected a 0.5% gain, which would have matched the fourth-quarter increase. Over the past 12 months, employment costs have climbed 1.8%, down from the fourth-quarter rate of 1.9%. The ECI is a closely followed gauge that reflects how much companies, governments and nonprofit institutions pay their employees in wages and benefits. Wages - some 70% of employment costs - rose 0.5% in the first quarter. Benefits edged up 0.1%.