Q3 US employment costs 0.4% vs 0.5% exp

• Prior 0.5%
• Unchanged y/y at 1.9%
• Wages 0.3% vs 0.4% prior
• Benefits 0.7% vs 0.4% exp. Largest rise since Q2 2012

No inflation coming in from US wages and salaries.

Q3 2013 US employment costs 19 11 2013