WASHINGTON — The Employment Cost Index rose in the third quarter to see an expected 0.7% increase, up from the 0.5% gain in second quarter, data released by the Bureau of Labor Statistics Tuesday showed.
Benefits growth also sped to a 0.8% rise in the third quarter after a 0.6% gain in the second quarter. Benefits were up 2.4% year/year, a slower pace than the 2.5% year/year rate in second quarter, but a faster pace than third quarter of 2016. The benefits year/year growth is continuing to trend upward.
Wage and salary growth rose to a 0.7% gain from the 0.5% in the second quarter and the year/year pace also saw a rise to 2.5% after 2.3% in the previous quarter.
While the quarter/quarter pace of growth for compensation for all civilian workers rose a bit in the most recent quarter, the year-over-year rate saw a rise to 2.5% from 2.4%, suggesting steady compensation growth.
