Employment costs rose more than expected in the third quarter in a sign that more inflation could be brewing in the U.S. economy.
The Labor Department’s employment cost index rose 0.8 percent for the period, ahead of the estimate of 0.7 percent from economists surveyed by Refinitiv.
Wages and salaries rose 0.9 percent, well ahead of expectations for 0.5 percent. Benefit costs were up 0.4 percent.
On a yearly basis, wages and salaries jumped 3.1 percent, the biggest increase in 10 years.
