Washington, DC, January 31, 2007--Employment costs increased 0.8% in the fourth quarter after a 1.0% gain in the third quarter, the Labor Department reported Wednesday.
The increase in the employment cost index was below Wall Street expectations of a 1.0% gain.
Wages moderated slightly, rising 0.8% in the quarter, down from a 0.9% increase in the third quarter.
Benefits rose 1.1%, matching the gain in the previous three months. Over the past year, employment costs have risen 3.3%, down from 3.5% in the third quarter.
Wages and salary costs have increased 3.2% in the past year, while benefit costs increased 3.6%.
