The cost of hiring new employees and retaining existing ones rose in 2021 at its fastest pace in 20 years, according to new Labor Department figures, which provide a fresh data point on the inflationary pressures that have gripped the U.S. economy and sent the Fed scrambling to dial back its loose monetary settings.
The Labor Department said on Jan. 28 (pdf) that the U.S. Employment Cost Index (ECI) for civilian workers, which is the broadest measure of labor costs, jumped by 4 percent in 2021 compared to the year prior….
