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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Jon Koplik who wrote (7166)	7/29/2005 1:16:03 PM
From: Jon Koplik	Read Replies (1) of 33421

More "no inflation problem" news (but no one pays attention anyway) ................................. (This was at the end of today's WSJ wrap-up on economic indicators). Jon. ****************************************************** ... the cost of hiring and retaining U.S. workers grew at a mild pace from April through June as the growth of benefit costs moderated, indicating the job-market recovery isn't fanning much inflation. The employment-cost index rose 0.7% in the second quarter of 2005, the same rate as in the first quarter, the Labor Department said. Wages and salaries also grew moderately -- at the same 0.6% rate recorded in the first quarter. But benefit costs, which have been nudging up overall compensation costs for years, rose just 0.8% -- the slowest rate in more than three years. Labor-compensation costs moderated in annual terms, rising 3.2% in the 12 months that ended June -- the lowest year-on-year rate in nearly six years.** Workers in the finance, insurance and real-estate industries enjoyed the biggest increase in overall compensation during the second quarter, a 1.1% gain. Total compensation costs for workers in the manufacturing sector grew 1%. Overall costs for private-industry workers grew 0.6% while costs for government workers grew 0.7%. --Jeff Bater and Joseph Rebello of Dow Jones Newswires contributed to this article Write to the Online Journal's editors at newseditors@wsj.com Copyright © 2005 Dow Jones & Company, Inc. All Rights Reserved.

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