The index reached a low of 4.5% in October 1998, but has risen steadily. Six months ago, it peaked at 6.8%, but since then has fallen, reaching 5.77% on August 14. That decline is attributed to moderating inflation. .
Labor costs represent about two thirds of business expenses, and there has been some positive news from this sector, says Alan Tantleff, Jones Lang senior vp. US Labor Department figures indicate that the unemployment rate remained unchanged during July and businesses added fewer new jobs than expected. In addition, expectations are that the Federal Reserve Board will not raise interest rates at its August 22 meeting, he says.
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