U.S. Labor Costs Show Slowest Growth in Four Years

According to ChainCatcher, data from the U.S. Bureau of Labor Statistics indicates that labor costs in the third quarter have increased at an annual rate of 3.5%, marking the slowest growth in four years. On a quarterly basis, labor costs rose by 0.8%. This trend suggests a cooling job market, which could help alleviate inflationary pressures. Many employers are slowing down their hiring processes, and some companies have begun layoffs, reflecting a decline in workers' confidence in job-switching opportunities.