US worker pay sees Q1 increase.

Compensation for US workers increased by 1.2% in wages and benefits in Q1 2022, higher than analysts' expectations of 1.1%, according to the Employment Cost Index. The report is closely watched by the Federal Reserve due to the role high labor costs can play in feeding inflation. Wages and salaries paid to workers rose 5.1% in March from a year earlier, up from the 5% annual rise in March 2022. The ECI reading shows the Fed that some underlying pressures on consumer prices remain, and economists expect the Fed to raise interest rates by a quarter point at its meeting next week.