Compensation for U.S. workers picked up again in the final quarter of 2023, but in one of the smallest increases in months—a sign that aggressive wage growth is cooling.
Workers were paid 0.9 percent more in the fourth quarter of 2023 than the third quarter,
according to the Employment Cost Index, released today by the U.S. Bureau of Labor Statistics. That's down from the 1.1 percent climb seen in the third quarter. Wages and salaries increased 0.9 percent and benefit costs increased 0.7 percent from September 2023.
Year-over-year, compensation costs in the U.S. for private sector workers—including pay and benefits—rose 4.1 percent.
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