Research >> Economics
Employment Cost Index up 0.8% in 3Q2018
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Compensation costs for civilian workers increased 0.8 percent, seasonally adjusted, for the 3-month period ending in September 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 benefit costs (which make up the remaining 30 percent of compensation) increased 0.4 percent from June 2018.
Civilian Workers
Compensation costs for civilian workers increased 2.8 percent for the 12-month period ending in September 2018 compared with a compensation costs increase of 2.5 percent in September 2017. Wages and salaries increased 2.9 percent for the 12-month period ending in September 2018 and increased 2.5 percent for the 12-month period ending in September 2017. Benefit costs increased 2.6 percent for the 12-month period ending in September 2018. In September 2017, the increase was 2.4 percent.
Private Industry Workers
Compensation costs for private industry workers increased 2.9 percent over the year and increased 2.5 percent in September 2017. Wages and salaries increased 3.1 percent for the 12-month period ending in September 2018 and increased 2.6 percent in September 2017. The cost of benefits rose 2.5 percent for the 12-month period ending in September 2018 and increased 2.4 percent in September 2017.
Employer costs for health benefits increased 1.9 percent for the 12-month period ending in September 2018.(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 2018 ranged from 2.5 percent for both management, professional, and related and natural resources, construction, and maintenance occupations to 3.5 percent for both sales and office and service occupations.
Among industry supersectors, compensation cost increases for private industry workers for the 12-month period ending in September 2018 ranged from 1.9 percent for manufacturing to 4.8 percent for information.
State and Local Government Workers
Compensation costs for state and local government workers increased 2.5 percent for the 12-month period ending in September 2018. In September 2017, the increase was 2.4 percent. Wages and salaries increased 2.3 percent for the 12-month period ending in September 2018, compared with 2.0 percent a year ago. Benefit costs increased 3.1 percent for the 12-month period ending in September 2018. The prior year increase was 3.0 percent.
Posted: October 31, 2018 Wednesday 08:30 AM