US Labor Costs Accelerate to 1.2%, Biggest Advance in a Year

A broad gauge of US labor costs closely watched by the Federal Reserve accelerated in the first quarter by more than forecast, illustrating persistent wage pressures that are keeping inflation elevated.

The employment cost index, which measures wages and benefits, increased 1.2%, the most in a year, after rising 0.9% at the end of 2023, according to Bureau of Labor Statistics figures out Tuesday. The advance exceeded all projections in a Bloomberg survey of economists.

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