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Worker Compensation and Health Care Costs

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For a year now, labor markets have been characterized as tight. When the unemployment rate remains low over a long period, wages are expected to increase as employers compete to hire the small number of available workers. Why, then, did the Employment Cost Index (ECI), which measures the cost of total worker compensation, increase only a moderate 3.1% in 1997?

Suggested citation: “Worker Compensation and Health Care Costs,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-03, pp. 14, 03.01.1998.

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