Research >> Economics
Employment Cost Index up 0.9% in 1Q2021
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Compensation costs for civilian workers increased 0.9 percent, seasonally adjusted, for the 3-month period ending in March 2021, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.0 percent and benefit costs increased 0.6 percent from December 2020.
Compensation costs for civilian workers increased 2.6 percent for the 12-month period ending in March 2021 and increased 2.8 percent in March 2020. Wages and salaries increased 2.7 percent over the year and increased 3.1 percent for the 12-month period ending in March 2020. Benefit costs increased 2.5 percent over the year and increased 2.1 percent for the 12-month period ending in March 2020.
Compensation costs for private industry workers increased 2.8 percent over the year. In March 2020, the increase was 2.8 percent. Wages and salaries increased 3.0 percent for the 12-month period ending in March 2021 and increased 3.3 percent in March 2020. The cost of benefits increased 2.5 percent for the 12-month period ending in March 2021 and increased 1.6 percent in March 2020.
Employer costs for health benefits increased 2.1 percent for the 12-month period ending in March 2021.(For further information, see www.bls.gov/ncs/ect/data.htm.)
Among private industry occupational groups, compensation cost increases for the 12-month period ending in March 2021 ranged from 2.0 percent for management, professional, and related occupations to 3.9 percent for both sales and office, and service occupations. Within industry supersectors, compensation cost increases ranged from 2.1 percent for professional and business services to 5.3 percent for financial activities.
Compensation costs for state and local government workers increased 2.0 percent for the 12-month period ending in March 2021, compared with an increase of 2.8 percent in March 2020. Wages and salaries increased 1.6 percent for the 12-month period ending in March 2021 and 2.7 percent a year ago. Benefit costs increased 2.6 percent for the 12-month period ending in March 2021. The prior year increase was 3.3 percent.
Posted: April 30, 2021 Friday 08:30 AM