WASHINGTON (Reuters) -U.S. labor costs increased moderately in the second quarter as private sector wages grew at the slowest pace in 3-1/2 years, more...
WASHINGTON -U.S. labor costs increased moderately in the second quarter as private sector wages grew at the slowest pace in 3-1/2 years, more evidence that inflation was firmly on a downward trend and could help facilitate an interest rate cut in September.
The employment cost index , the broadest measure of labor costs, increased 0.9% last quarter after rising by an unrevised 1.2% in the first quarter, the Labor Department's Bureau of Labor Statistics said. Price pressures are ebbing following 525 basis points worth of rate hikes from the Fed since 2022. The government reported on Tuesday that job openings maintained their steady decline in June and hires dropped to the lowest level since 2020.
Labor Department ECI Private Sector Wages
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