US Employment Costs Rise at Slowest Pace in Four Years

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Transcript

00:00What does this data from the third quarter tell us?

00:03Well, it tells the Fed that the labor market was a little bit looser maybe in the third quarter

00:09because we didn't see a big rise in wages and salaries.

00:13It comes down from what we had seen in the second quarter.

00:17The overall ECI comes in up eight-tenths of a percent.

00:21The forecast was for nine-tenths, the same as in the second quarter.

00:24Wages and salaries were up eight-tenths of a percent.

00:27They were up a full percentage point.

00:30In the second quarter, and benefit costs increased eight-tenths of a percent.

00:33That was a slight rise from seven-tenths in the second quarter.

00:36A little bit less meaning to it because we don't have the other labor data,

00:39like how many people have jobs or have been getting jobs.

00:42But it does give the Fed a bit of a read on inflation, and it's not bad news.

00:47Good news.

00:48Good news.

00:50So...