Stock Market Today

LONDON — Wage growth picked up in developed economies during the secondquarter, with pay rising more rapidly within the U.S. than within the euro zone, theOrganization for Financial Cooperation and Development stated Wednesday.

According to the Paris-based think tank, pay rose more rapidly than workers’productivity, leading to a rise in unit labor costs–which can be a source ofinflationary pressure.

The OECD said that across its 34 members, pay rose by 1.2% in the firstquarter, while productivity increased by just 0.5%, leading to a rise in unitlabor costs of 0.6%.

The OECD measures pay as labor compensation per unit of labor input, and saidit rose by 1.0% within the U.S. and 0.6% inside the euro zone. But because laborproductivity fell by 0.2% within the euro zone and rose by 0.2% within the U.S., therise in unit labor costs was 0.8% in both economies.

-Paul Hannon, Dow Jones Newswires; +44 (0) 20 7842 9491; paul.hannon@dowjones.com

 (End) Dow Jones Newswires 09-21-110625ET Copyright (c) 2011 Dow Jones & Company, Inc.

FRANKFURT — Germany’s central bank rejects calls by the InternationalMonetary Fund for accelerated purchases of euro-zone countries’ debt, DeutscheBundesbank board member Andreas Dombret said Wednesday.

In its World Financial Outlook, the IMF Tuesday stated until other institutionsare in place, the European Central Bank “must continue to intervene strongly tomaintain orderly conditions in sovereign debt markets.”

Dombret stated the Bundesbank underscores the importance of a clear separationbetween financial and fiscal policy.

In addition, the Bundesbank is critical of weakening discipline for budgetaryconsolidation in Germany.

“Advantageous developments at present should, far more, be used for aconsistent and rapid reduction in public deficits,” Dombret said.

The financial recovery trend is intact in Germany, but downward risks for thewinter months have increased substantially, Dombret added.

-By Hans Bentzien, Dow Jones Newswires; +49 (0)69 29725 300; Hans.Bentzien@dowjones.com

 (Finish) Dow Jones Newswires 09-21-110635ET Copyright (c) 2011 Dow Jones & Company, Inc.

FRANKFURT — Germany’s central bank rejects calls by the InternationalMonetary Fund for accelerated purchases of euro-zone countries’ debt, DeutscheBundesbank board member Andreas Dombret said Wednesday.

In its World Financial Outlook, the IMF Tuesday stated until other institutionsare in place, the European Central Bank “must continue to intervene strongly tomaintain orderly conditions in sovereign debt markets.”

Dombret stated the Bundesbank underscores the importance of a clear separationbetween financial and fiscal policy.

In addition, the Bundesbank is critical of weakening discipline for budgetaryconsolidation in Germany.

“Advantageous developments at present should, far more, be used for aconsistent and rapid reduction in public deficits,” Dombret said.

The financial recovery trend is intact in Germany, but downward risks for thewinter months have increased substantially, Dombret added.

-By Hans Bentzien, Dow Jones Newswires; +49 (0)69 29725 300; Hans.Bentzien@dowjones.com

 (Finish) Dow Jones Newswires 09-21-110635ET Copyright (c) 2011 Dow Jones & Company, Inc.

The five US MBA Mortgage Tables will be unavailable Wednesday due to atechnical issue. The items will resume the following week.

 (Finish) Dow Jones Newswires 09-21-110714ET Copyright (do) 2011 Dow Jones & Company, Inc.

The five US MBA Mortgage Tables will be unavailable Wednesday due to atechnical issue. The items will resume the following week.

 (Finish) Dow Jones Newswires 09-21-110714ET Copyright (do) 2011 Dow Jones & Company, Inc.