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November 1, 2007
WASHINGTON -- Employers' costs to hire and retain workers grew at a slightly slower pace in the summer, suggesting that a somewhat softer -- but still solid -- jobs climate is easing inflation pressures.
The Labor Department reported Wednesday that compensation costs -- including wages, salaries and benefits -- rose by 0.8 percent in the July-to-September quarter. That was down a bit from a 0.9 percent increase posted in the second quarter.
The third-quarter increase was a little weaker than the 0.9 percent rise in compensation costs expected by economists.
With wage inflation pressures easing a tad, that gives the Federal Reserve leeway to lower a key interest rate again as an insurance policy to protect the economy from a deepening housing slump.
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