Research >> Economics
Employment Cost Index up 0.7% in 3Q2017
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Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the 3-month period ending in September 2017, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.7 percent, and benefits (which make up the remaining 30 percent of compensation) increased 0.8 percent.
Civilian Workers
Compensation costs for civilian workers increased 2.5 percent for the 12-month period ending in September 2017. In September 2016, compensation costs increased 2.3 percent. Wages and salaries increased 2.5 percent for the 12-month period ending in September 2017 and increased 2.4 percent for the 12-month period ending in September 2016. Benefit costs increased 2.4 percent for the 12-month period ending in September 2017. In September 2016, the increase was 2.3 percent.
Hurricanes Harvey and Irma
Hurricanes Harvey and Irma had minimal impact on data collection in the September 2017 reference period. For further information on how recent hurricanes impacted survey response, see www.bls.gov/bls/hurricanes-harvey-irma-maria.htm.
Private Industry Workers
Compensation costs for private industry workers increased 2.5 percent over the year. In September 2016, the increase was 2.3 percent. Wages and salaries increased 2.6 percent for the current 12-month period. In September 2016, the increase was 2.4 percent. The cost of benefits rose 2.4 percent for the 12-month period ending in September 2017, higher than the 1.8 percent increase in September 2016.
Employer costs for health benefits increased 1.1 percent for the 12-month period ending in September 2017. (For further information, see www.bls.gov/web/eci/echealth.pdf.)
Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending in September 2017 ranged from 2.3 percent for management, professional, and related occupations to 3.2 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 September 2017 ranged from 1.9 percent for education and health services to 3.4 percent for leisure and hospitality.
State and Local Government
Compensation costs for state and local government workers increased 2.4 percent for the 12-month period ending in September 2017. In September 2016, the increase was 2.6 percent. Wages and salaries increased 2.0 percent for the 12-month period ending in September 2017, the same as the September 2016 increase. Benefit costs increased 3.0 percent for the 12-month period ending in September 2017, less than the prior year’s increase of 3.7 percent.
Posted: October 31, 2017 Tuesday 08:30 AM