Wage growth in the US bounces back
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Wage growth bounced back in the US.
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The latest employment cost index (ECI) from the Bureau of Labor Statistics on Friday showed that in the third quarter wages for American workers rose by 0.6%.
Expectations were for the report to show the ECI rose 0.6% in the third quarter after a 0.2% increase in the second quarter, which was the slimmest gain on record.
In the second quarter, the ECI rose 2% over the prior year after a 2.3% year-on-year increase in the first quarter led many economists to argue that despite tepid average hourly wage figures, wages pressures were indeed building in the economy.
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