US labor costs growth beat expectations in third quarter
© Reuters. An employee works on solar panels at the QCells solar energy manufacturing factory in Dalton, Georgia, U.S., March 2, 2023. REUTERS/Megan Varner
The Employment Cost Index, the broadest measure of labor costs, rose 1.1% last quarter after increasing 1.0% in the April-June period, the Labor Department said on Tuesday. The ECI is widely viewed by policymakers and economists as one of the better measures of labor market slack and a predictor of core inflation, because it adjusts for composition and job-quality changes.
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