The US Department of Labor reported that the Employment Cost Index for the April–June quarter rose 0.9% from the previous quarter, surpassing the market forecast of a 0.8% increase. The growth rate was unchanged from the prior quarter, and the year-over-year increase was 3.4%, also matching the previous quarter's pace. Within the details, wages and salaries rose 0.9% from the prior quarter, while benefits increased 1.0%. The Employment Cost Index is closely watched by the Federal Reserve as a gauge of inflationary pressures.