The quarterly wage and benefits inflation measure came in above the 0.8% estimate, indicating labor costs increased faster than expected.
The U.S. Employment Cost Index, a broad measure of wages and benefits, rose 0.9% quarter over quarter in the first quarter, above the 0.8% estimate cited in the source. Because the index tracks labor cost growth, a stronger-than-expected reading can matter for interest-rate expectations and risk assets, including crypto, as markets often watch inflation-related data for clues on U.S. monetary policy.