Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: goldsnow who wrote (15061)	7/30/1998 7:04:00 PM
From: goldsnow	Respond to of 116758

WASHINGTON, July 30 (Reuters) - American workers' pay and benefits grew briskly in the second quarter as a tight job market helped boost salaries, the government said Thursday. The Labor Department said its Employment Cost Index -- a broad gauge of worker compensation that is watched closely by policy-makers -- rose a seasonally adjusted 0.9 percent in the quarter after a 0.7 percent rise in the first quarter. Private economists had expected a slightly smaller 0.8 percent gain, according to a Reuters survey. ''This is well within the range (of forecasts),'' said Robert Barr, senior economist at Fannie Mae. ''We have other prices pressures that are very low right now. Although wages are going up, this is not high enough (that) it's going to crush the low inflation we've been enjoying.'' The department said wages and salaries grew 0.9 percent in the quarter after a 0.8 percent rise the prior quarter. Benefit costs rose 0.8 percent, a sharp pickup from the 0.4 percent gain in the previous quarter. Over the past year, pay and benefits together have risen 3.5 percent, the biggest 12-month increase since compensation rose by the same amount in the final quarter of 1993. The Employment Cost Index is a favorite indicator of Federal Reserve Chairman Alan Greenspan, who told Congress last week in his semi-annual testimony that the central bank was worried about potential inflationary pressures if wages picked up too fast. Signs that the economy has been slowing, however, may temper some concerns about the slight pickup in wage costs. In another sign of a strong job market, the Department said in a separate report that new applications for jobless benefits fell last week to the lowest level in more than three months. New claims for state unemployment insurance fell to 304,000 last week from 317,000 the prior week. It was the lowest since 288,000 in the week ended April 11. biz.yahoo.com