Research >> Economics
Employment Cost Index up 0.7% in 4Q2019
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Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the 3-month period ending in December 2019, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 0.7 percent and benefit costs increased 0.5 percent from September 2019.
Civilian Workers
Compensation costs for civilian workers increased 2.7 percent for the 12-month period ending in December 2019, compared to 2.9 percent in December 2018. Wages and salaries increased 2.9 percent over the year and increased 3.1 percent for the 12-month period ending in December 2018. Benefit costs increased 2.2 percent for the 12-month period ending in December 2019. In December 2018, the increase was 2.8 percent.
Private Industry Workers
Compensation costs for private industry workers increased 2.7 percent over the year, compared with a compensation cost increase of 3.0 percent in December 2018. Wages and salaries increased 3.0 percent for the 12-month period ending in December 2019 and increased 3.1 percent in December 2018. The cost of benefits rose 1.9 percent for the 12-month period ending in December 2019 and increased 2.6 percent in December 2018.
Employer costs for health benefits increased 2.2 percent for the 12-month period ending in December 2019. (For further information, see www.bls.gov/web/eci/echealth.pdf.)
Among private industry occupational groups, compensation cost increases for the 12-month period ending in December 2019 ranged from 2.2 percent for management, professional, and related occupations to 3.7 percent for service occupations. (See table 5.)
Among private industry supersectors, compensation cost increases for the 12-month period ending in December 2019 ranged from 1.0 percent for information to 3.5 percent for construction. (See table 5.)
State and Local Government Workers
Compensation costs for state and local government workers increased 2.9 percent for the 12-month period ending in December 2019. In December 2018, the increase was 2.6 percent. Wages and salaries increased 2.5 percent for the 12-month period ending in December 2019 and 2.4 percent a year ago. Benefit costs increased 3.3 percent for the 12-month period ending in December 2019. The prior year increase was 3.1 percent.
Posted: January 31, 2020 Friday 08:30 AM