U.S. employment costs remain sticky, boosting expectations of Fed hike

The numbers: The U.S. employment cost index, the broadest measure of U.S. labor costs, rose 1.2% in the first quarter after gaining 1.1% in the last three months of 2022, the Labor Department said Friday.

Economists surveyed by the Wall Street Journal has expected a 1% gain.

Compensation climbed at 4.8% clip in the 12 months ended in March,…