Employment Costs Fall to Record Lows: Forget Those High Wages, Proles

“The Employment Cost Index increased 1.5%, the slowest pace since the government began tracking the data in 1982… Wages increased 1.5% in the past four quarters, down from 1.8% in the previous quarter. Benefit costs rose 1.6% compared with a 1.8% rise in the second quarter. These are both record lows.”