US Workers See Biggest Pay Increase in Ten Years

U.S. workers saw the largest increase in wages and benefits since September 2008, according to a new report from the Labor Department on Tuesday.

The employment cost index, a gauge of total compensation for civilian workers, increased 0.6% in the second quarter. The cost of pay and benefits jumped 2.8% in the 12-month period ended in June, the highest yearly growth rate in nearly a decade.

Wages alone gained 2.8% over the past 12 months, which also reflected a near 10-year high.

Growth in benefits outpaced wages in the second quarter. Wages were up 0.5%. Benefits, which cover health care, retirement plans and other items, jumped 0.9%. That marks the fastest pace in four years.

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