Wage growth in the US bounces back

Wage growth bounced back in the US.

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.

More to come ...

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