As many are waiting to see what the Federal Open Market Committee of the Federal Reserve has decided about interest rates, their eyes should be on employment costs. Those are one way of discussing wage growth, and that figure is seriously on the Fed's mind.
On Tuesday, the Bureau of Labor Statistics released the monthly employment cost index summary.
"Compensation costs for civilian workers increased 5.1 percent for the 12-month period ending in December 2022 and increased 4.0 percent [for the 12-month period ending] in December 2021," the report said. "Wages and salaries increased 5.1 percent for the 12-month period ending in December 2022 and increased 4.5 percent for the 12-month period ending in December 2021. Benefit costs increased 4.9 percent over the year and increased 2.8 percent for the 12-month period ending in December 2021."
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