US wages, salaries rise 0.9% in 4th quarter of 2023

By Ovunc Kutlu

ISTANBUL (AA) - Wages and salaries increased 0.9% in the US during the fourth quarter of 2023, compared to the previous quarter, according to the Bureau of Labor Statistics on Wednesday.

The figure is a slowdown from the 1.2% gain recorded in the third quarter of last year.

Annually, however, wages and salaries increased 4.3% in December 2023, following an annual gain of 5.1% recorded in December 2022, according to the agency.

"Benefit costs increased 3.8 percent over the year and increased 4.9 percent for the 12-month period ending in December 2022," it said in a statement.

Compensation costs for civilian workers rose 0.9% on a seasonally adjusted for the three-month period ending in December 2023, but also slowing down from the 1.1% gain in the previous quarter.

On an annual basis, however, compensation costs for civilian workers increased 4.2% in December of last year, after a year-on-year gain of 5.1% in the same month of 2022.