Worker pay and benefits climbing at fastest pace in 10 years

Wages and benefits are rising at a high pace. The highest in 10 years.

The employment cost index rose 0.6% in the second quarter, a tick below the MarketWatch estimate of 0.7%.

More important, the cost of worker compensation in the form of pay and benefits edged up to 2.8% to mark the biggest yearly gain since mid-2008.