UNITED STATES - We received some good news in regard to the United States labor market following the close of the second quarter. A recent report stated that in Q2, labor costs did not increase as much as was previously expected.

According to Reuters, this positive trend was a result of wage growth slowing in the second quarter. This reportedly offers a boost to the Federal Reserve as it continues to fight the impacts of inflation.

As measured by the Employment Cost Index (ECI), labor costs rose 1.0 percent in the last quarter. Previously, between January and March, labor costs rose 1.2 percent. In initial reports from Reuters, economists expected the ECI to rise 1.1 percent in the second quarter.

Overall, labor costs rose by 4.5 percent year-over-year in the second quarter. Previously, this number shot up to 4.8 percent in the first quarter. The news source went on to note that during the second quarter, wages and salaries increased by 1.0 percent, having risen 1.2 percent in the previous quarter.

We will continue to keep an eye on the labor market, so keep coming back to ANUK.