U.S. employment costs hit nine-year high, move Fed closer to interest-rate hike
October 31, 2017 at 08:02 AM EDT
The employment cost index rose 0.7% in the third quarter, pushing the increase in U.S. labor costs over the past 12 months to a nine-year high. The higher reading adds to the case for another interest rate hike by the Federal Reserve before year end.