The Employment Cost Index—the Fed’s key metric for wage growth that accounts for labor composition—slowed to the lowest level since June 2021, according to the Bureau of Labor Statistics on Wednesday.
The overall index eased to 0.9% in the fourth quarter on a seasonally adjusted basis, down from 1.1% in the previous quarter. That is equivalent to a 4.2% increase on a year-ago basis, down slightly from 4.3% previously. READ MORE