WASHINGTON – The Employment Cost Index rose 0.8% in the first quarter after rising by only 0.5% in the previous quarter, lifting the year/year rate to 2.4% from 2.2% in the previous quarter, the Labor Department reported Friday.
Wage and salary costs rose 0.8% in the quarter, a sharp increase from the 0.5% gain in the fourth quarter, while benefits costs rose 0.7% after a 0.5% fourth quarter gain.