The data published by the US Bureau of Labor Statistics revealed on Tuesday that the Employment Cost Index, compensation costs for civilian workers, increased by 1.1% in the fourth quarter.
This reading came in below the market expectation of 1% and followed the 1.2% increase recorded in the third quarter.
"Wages and salaries increased 1.0% and benefit costs increased 0.8% from September 2022," the BLS further noted in its publication.
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