Labor costs rise in fourth quarter

Labor costs rose in the fourth quarter, with the biggest jump in wages and salaries since 2009, but there was still little sign of wage inflation amid slack in the jobs market. The Employment Cost Index, the broadest measure of labor costs, increased 0.5 percent after rising 0.4 percent in the third quarter, the Labor Department said on Friday. Economists polled by Reuters had expected labor costs to increase 0.4 percent. During periods of strong economic growth, the U.S. central bank closely monitors the index for signs of wage inflation.

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