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The U.S. Bureau of Labour Statistics released its employment cost index on Friday. The U.S. employment cost index rose 0.6% in fourth quarter, after a 0.6% gain in third quarter.
The increase was driven by higher benefits payments for state and local government employees.
Wages and salaries increased 0.6% in the fourth quarter, after a 0.6% rise in the third quarter, while benefits payments climbed 0.7% in the fourth quarter, after a 0.5% increase in the third quarter.
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