Worker compensation rising at fastest pace since 2008, ECI finds
The tightest labor market in decades and growing shortages of workers is pressuring companies to offer higher pay.
The numbers: The cost of employing the average American worker is rising at the fastest pace in a decade, offering more proof firms have to fork over better pay and benefits to attract talent in a period of extremely low unemployment.
The employment cost index rose 0.8% in the first quarter, a tick above the MarketWatch estimate.
The cost of worker compensation in the form of pay and benefits climbed to yearly rate of 2.7%, the biggest gain since 2008.