- The labor cost index rose at a faster rate than expected in the first quarter.
- The US Dollar Index remains in positive territory near 106.00 after the data was released.
The US employment cost index rose 1.2% in the first quarter, the US Bureau of Labor Statistics (BLS) reported Tuesday. This reading followed the 0.9% increase recorded in the final quarter of 2023 and was above the market expectation of 1%.
“Civilian worker compensation costs increased 4.2% in the 12-month period ending March 2024 and 4.8% in March 2023,” the BLS said in the statement. “Salaries and salaries increased 4.4% in the 12-month period ending March 2024 and 5.0% in the 12-month period ending March 2023.”
Market reaction
The market reaction was immediate and the US dollar gained strength against its rivals. At press time, the US Dollar Index is up 0.35% on the day and stands at 106.00.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
