The labor market is still hot. Workers are still empowered. And as a result, Americans are winning higher wages and more favorable benefits. Why it matters: Even after 18 months of Federal Reserve tightening and abundant recession chatter, the ability of workers to achieve pay gains has hardly diminished. • It's creating more sustained inflation risks while simultaneously bolstering household finances. Driving the news: The Employment Cost Index, the gold standard measure of what employers spend on compensation, rose 1.1% in the third quarter, the Labor Department said. That's a tick higher than in Q2 and above ... (full story)