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US private payrolls rise at brisk pace in Jan; labor costs grow 0.5% in Q4

Companies like Starbucks Corp and FedEx Corp have announced they will use some of the savings from the tax cut to boost wages for workers

Reuters  |  Washington 

US private sector payrolls rose at a brisk pace in January as hiring increased across the board despite the unseasonably cold weather, pointing to sustained labor market strength at the start of the year. Other data on Wednesday showed a solid increase in labor costs in the fourth quarter. Growth in compensation is expected to accelerate as the tightening labor market forces employers to raise wages to retain and attract workers. Federal Reserve officials were scheduled to resume a two-day meeting on Wednesday. The US central bank is expected to leave interest rates ...

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First Published: Wed, January 31 2018. 22:55 IST