Compensation costs for workers slowed in the three months ending September as wage pressures continued to ease.
The employment cost index (ECI)—a broad measurement of labor costs closely followed by the Federal Reserve—rose by 0.8 percent in the third quarter, down from 0.9 percent in the previous three-month period, according to the Bureau of Labor Statistics.
The July–September reading came in below the consensus estimate of 0.9 percent.
Benefits and wages increased by 0.8 percent, down from the second quarter.
In the 12 months ending September, civilian workers’ compensation costs rose by 3.9 percent, down from 4.3 percent in September 2023. Wages and salaries climbed by 3.9 percent year over year, down from 4.6 percent in the previous 12-month period….