Research >> Economics
Employment Cost Index up 0.8% in 1Q2018
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Compensation costs for civilian workers increased 0.8 percent, seasonally adjusted, for the 3-month period ending in March 2018, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.9 percent, and benefits (which make up the remaining 30 percent of compensation) increased 0.7 percent.
Civilian Workers
Compensation costs for civilian workers increased 2.7 percent for the 12-month period ending in March 2018 compared with a compensation costs increase of 2.4 percent in March 2017. Wages and salaries increased 2.7 percent for the 12-month period ending in March 2018 and increased 2.5 percent for the 12-month period ending in March 2017. Benefit costs increased 2.6 percent for the 12-month period ending in March 2018. In March 2017, the increase was 2.2 percent.
Private Industry Workers
Compensation costs for private industry workers increased 2.8 percent over the year, a larger increase thanthe 2.3-percent increase in March 2017. Wages and salaries increased 2.9 percent for the current 12-month period and increased 2.6 percent in March 2017. The cost of benefits rose 2.5 percent for the 12-month period ending in March 2018 and increased 1.9 percent in March 2017.
Employer costs for health benefits increased 1.5 percent for the 12-month period ending in March 2018.
Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending in March 2018 ranged from 2.6 percent for both management, professional, and related occupations and natural resources, construction, and maintenance occupations to 3.3 percent for production, transportation, and material moving occupations.
Among industry supersectors, compensation cost increases for private industry workers for the 12-month period ending in March 2018 ranged from 2.3 percent for education and health services to 3.3 percent for financial activities.
State and Local Government
Compensation costs for state and local government workers increased 2.2 percent for the 12-month period ending in March 2018. In March 2017, the increase was 2.6 percent. Wages and salaries increased 1.8 percent for the 12-month period ending in March 2018, compared with 2.2 percent a year ago. Benefit costs increased 3.0 percent for the 12-month period ending in March 2018. The prior year’s increase was 3.1 percent.
Posted: April 27, 2018 Friday 08:30 AM