US: Employment cost index rises 0.8% in Q3 to beat market estimate of 0.7%

"Compensation costs for civilian workers increased 0.8 percent, seasonally adjusted, for the 3-month period ending in September 2018," the U.S. Bureau of Labor Statistics reported on Wednesday.

Key highlights from the press release

• Wages and salaries (which make up about 70 percent of compensation costs) increased 0.9 percent and benefit costs (which  make up the remaining 30 percent of compensation) increased 0.4 percent from June 2018. 
• Wages and salaries (civilian workers) increased 2.9 percent for the 12-month period ending in September 2018 and increased 2.5 percent for the 12-month period ending in September 2017. 
• Wages and salaries (private industry workers) increased 3.1 percent for the 12-month period ending in September 2018 and increased 2.6 percent in September 2017.