“Compensation for workers rose to a nearly 10-year high in the second quarter as inflation pressures continued to percolate in the U.S. economy,” Jeff Cox reports for CNBC. “The employment cost index increased 0.6 percent for civilian workers in the three-month period ending in June, according to a Bureau of Labor Statistics release Tuesday. That brought the 12-month rate up to 2.8 percent, the highest level since 2.9 percent in the third quarter of 2008.”

“Wages and salaries rose 0.5 percent for the quarter and 2.8 percent for the 12-month period, while benefits costs increased 0.9 percent and 2.9 percent, respectively,” Cox reports. “Private industry compensation was up 2.9 percent, a substantial rise from the 2.4 percent recorded as of June 2017. Government compensation increased 2.3 percent for the period, which actually was a pullback from the 2.6 percent gain recorded in June 2017.”

“The release comes ahead of Friday’s closely watched nonfarm payrolls report,” Cox reports. “Economists expect a gain of about 190,000 and a 2.7 percent increase in average hourly earnings. It also follows last Friday’s robust GDP release, which showed the economy grew 4.1 percent in the second quarter.”

Read more in the full article here.

MacDailyNews Take: Increases in wages and salaries certainly bode well for sales of Apple’s products and services!

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