US paychecks grew faster than expected in the third quarter

Wages and benefits paid to US workers grew at a faster pace than expected last quarter, pointing to ongoing momentum in the job market.
The Employment Cost Index, a broad measure of total compensation paid to American workers, rose 1.1% in the third quarter, the Labor Department reported Tuesday. That’s a faster pace than the 1% gain registered in the second quarter.
The figures point to a resilient job market amid the highest interest rates in 22 years — a potential headache for the Federal Reserve, which is tasked with managing inflation. Wage growth could be contributing to some upward pressure on prices, but economists debate how much worker pay gains are ultimately fueling inflation.
This is a developing story and will be updated.