Inflation Remains In Check For Quarter

Wages and benefits paid American workers rose a moderate 0.8 percent in the July-September quarter, a sign that inflation in the labor market remains relatively contained.

The increase in total compensation followed an identical gain in the previous quarter, the Labor Department said today.

The rise was predicted by economists and thus didn’t hurt a U.S. stock market reeling from a worldwide selling wave triggered by a crash in the Hong Kong stock market.

Separately, a business research group in New York said consumer confidence fell much more sharply than expected this month. That reassured the stock market because it strengthened traders’ belief the Federal Reserve won’t raise interest rates. The Conference Board said consumer confidence, an important measure of consumers’ propensity to spend, dropped 6.9 points to 123.3.