WASHINGTON (AP) — Annual wages and benefits for U.S. workers continued to rise at a modest pace in the third quarter, even as unemployment stays near a half-century low.
The Labor Department says that growth in pay and benefits for all U.S. workers rose 2.8% in the July-September quarter, compared to the same period in 2018. That’s at a slightly quicker pace than the second quarter’s 2.7% growth.
The report was reflective of the hesitance of employers to step up wages, even in a strong job market.
Compensation ticked up to a seasonally-adjusted rate of 0.7%, from the three-month gain of 0.6% for the second quarter.
Wages and salaries, which make up the bulk of employment costs, rose 0.9% while benefits, covering items such as health insurance and pensions, rose 0.5%.