U.S. Employment Costs Rise at Record Pace as Wages Surge
“U.S. employment costs rose at the fastest pace on record in the third quarter as companies across a variety of sectors raised wages against a backdrop of labor shortages. The employment cost index, a broad gauge of wages and benefits, rose 1.3% from the prior quarter, according to Labor Department data released Friday. The gauge increased 3.7% from a year earlier.”
Euro Inflation Breaches 4% Increasing Lagarde’s Market Challenge
“Euro-area inflation accelerated more than expected to breach 4% for only the second time ever, adding to the European Central Bank’s challenge in battling increasingly aggressive market bets for interest-rate hikes. Consumer prices rose 4.1% in October, compared with the median of economist estimates at 3.7%, according to figures released by Eurostat on Friday. A measure stripping out volatile components such as food and energy climbed to 2.1%, a rate not seen in nearly two decades.”
Japan’s Retail Sales Beat Estimates as Shoppers Defy Virus Fears
“Japan’s retail sales regained ground in September following a sharp drop the month before, an indication that shoppers felt more comfortable spending as virus infections started to fall from August’s peak. Higher outlays on clothing, accessories and general merchandise helped receipts at retailers rise 2.7% from the previous month, the economy ministry data reported Thursday. Analysts had expected a 1.5% increase from August.”
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