U.S. employment costs climb 0.4% in third quarter - MarketWatch

 U.S. employment costs climb 0.4% in third quarter - MarketWatch
The employment cost index, which measures the price of U.S. labor, rose 0.4% in the third quarter, the Labor Department said Wednesday. That was slightly below the second quarter's increase of 0.5%. Over the past 12 months, employment costs have risen 2.0%, up from 1.7% in the prior three-month period. The ECI is a closely followed gauge that reflects how much companies, governments or nonprofit institutions are paying their employees in wages and benefits. Wages - which account for 70% of employment costs - rose 0.3% in the third quarter, while benefits jumped 0.8%. Year-on-year, wages were up 1.7%, compared with a 1.6% gain in the same period last year. Benefits registered a 2.6% year-on-year increase, down from a 3.2% gain in the same period last year.