Economics
Employment Costs Surge Most Ever, Stoking U.S. Inflation Concern
- Index increased 1.4% in first quarter, 4.5% from year ago
- Wages and salaries advanced 4.7%, benefits climbed 4.1%
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U.S. employment costs jumped by the most on record at the start of the year, heightening concerns about persistent inflation that set the stage for more forceful policy action by the Federal Reserve.
The employment cost index, a broad gauge of wages and benefits, advanced 1.4% in the first quarter, according to Labor Department figures released Friday. That was the largest advance in comparable data back to the early 2000s and followed a 1% advance seen in the final months of 2021.