Wall Street Journal (06/10/15) Jeffrey Sparshott

Wages and benefits may be increasing more quickly than previously thought. Employer costs for employee compensation in March rose 4.9% from a year ago, according to the U.S. Department of Labor. The average cost per hour worked increased to $33.49, up from $31.93 a year ago. Wages and salaries rose 4.2% to $22.88, and benefits climbed 6.4% to $10.61. One benefit component, health insurance, rose 2.5%.

The 4.9% increase in employer costs for employee compensation is much higher than the 1.2% increase seen in the third quarter of 2013 and may be an indication that the labor market is getting tighter.