U.S. Private-Sector Wages Lodge Biggest Gain Since 2008

Employment costs rose more than anticipated in the first quarter as worker pay and benefits accelerated, according to the U.S. Department of Labor. The employment cost index advanced 0.8 percent quarter-to-quarter, up from a 0.6 percent increase, reports Bloomberg . Wages and salaries rose 0.9 percent quarter-to-quarter, and benefits costs increased 0.7 percent. Total compensation rose 2.7 percent over the past 12 months, the strongest showing since the third quarter of 2008, following a 2.6 percent increase. Private-sector wages and salaries increased 2.9 percent year-to-year, also the strongest showing since the third quarter of 2008, following a 2.8 percent gain.