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Wage Growth Offers Relief
U.S. labor cost growth slowed in the third quarter, with the Employment Cost Index rising 0.8%, down from 0.9% in the previous quarter. Wage growth also eased to 0.7% quarter over quarter and 3.1% year over year, reducing labor-market pressure on inflation. However, real wages fell 0.6% year over year as the Personal Consumption Expenditures price index rose 3.6%. Employee benefit costs also increased 0.9%, driven by higher health insurance costs, continuing to put pressure on income and purchasing power.
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