U.S. employment costs jumped by the most on record at the start of the year, heightening concerns about persistent inflation that set the stage for more forceful policy action by the Federal Reserve.

The employment cost index, a broad gauge of wages and benefits, advanced 1.4% in the first quarter, according to Labor Department figures released Friday. That followed a 1% advance seen in the final months of 2021.

Stock-index futures fell on earnings misses, while the yield on the 10-year Treasury note climbed. Expectations for a 75 basis-point rate increase at the Fed’s June meeting jumped after ...

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