Compensation for US workers picked up in the first three months of the year, showing that a major source of inflationary pressure persists and cementing the path for an interest rate hike at the Federal Reserve’s meeting next week. The Employment Cost Index, released Friday by the Bureau of Labor Statistics, showed that workers were paid 1.2% more in wages and benefits in the first quarter from the prior three-month period. That’s up from analysts’ expectations of 1.1%.
” Simons said a weakened jobs market, including softer wage growth, would be necessary for “the consumer to retrench and break the inflation cycle.” The Federal Reserve’s favorite inflation gauge showed that overall consumer-price increases slowed sharply in March, but a measure that strips out volatile food and energy prices saw a more moderate decline.
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