The Employment Cost Index slowed to 0.5% gain in the second quarter, a slower pace than expected and down from the 0.8% gain in first quarter, data released by the Bureau of Labor Statistics Friday showed.
Benefits growth slowed to a 0.6% rise in the second quarter after a 0.7% gain in the first quarter. Benefits were up 2.5% year/year, a faster pace than the 2.2% year/year rate in first quarter. The benefits year/year growth continuing to trend upwards.
Wage and salary growth fell to 0.5% gain from a 0.8% rise in the first quarter and the year/year pace also saw a slip to 2.3% after 2.5% in the previous quarter.
While the quarter/quarter pace of growth slipped a bit in the most recent quarter, the year-over-year rate holding steady suggests steady compensation growth.
