Bloomberg (10/28/22)

US employment costs rose at a firm pace in the third quarter, underscoring persistent inflationary pressures that will keep the Federal Reserve on a course of steep interest-rate hikes.

The employment cost index, a broad gauge of wages and benefits, increased 1.2% in the July-September period, according to Labor Department figures released Friday. The gain matched the median estimate in a Bloomberg survey of economists.

This article originally appeared on bloomberglaw.com. Use this link to see the full article (subscription required): US Labor Costs Rise at Firm Pace, Keeping Fed Hikes on Track