Research >> Economics
Employment Cost Index up 0.7% in 2Q2021
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Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the 3-month period ending in June 2021, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 0.9 percent and benefit costs increased 0.4 percent from March 2021.
Compensation costs for civilian workers increased 2.9 percent for the 12-month period ending in June 2021 and increased 2.7 percent in June 2020. Wages and salaries increased 3.2 percent for the 12-month period ending in June 2021 and increased 2.9 percent for the 12-month period ending in June 2020. Benefit costs increased 2.2 percent over the year and increased 2.2 percent for the 12-month period ending in June 2020.
Compensation costs for private industry workers increased 3.1 percent over the year. In June 2020, the increase was 2.7 percent. Wages and salaries increased 3.5 percent for the 12-month period ending in June 2021 and increased 2.9 percent in June 2020. The cost of benefits increased 2.0 percent for the 12-month period ending in June 2021 and increased 2.0 percent in June 2020.
Employer costs for health benefits increased 0.4 percent for the 12-month period ending in June 2021.(See www.bls.gov/ncs/ect/data.htm.)
Among private industry occupational groups, compensation cost increases for the 12-month period ending in June 2021 ranged from 2.4 percent for management, professional, and related occupations to 4.8 percent for service occupations. Within industry supersectors, compensation cost increases ranged from 2.6 percent for both manufacturing and professional and business services to 5.5 percent for leisure and hospitality.
Compensation costs for state and local government workers increased 2.0 percent for the 12-month period ending in June 2021, compared with an increase of 2.7 percent in June 2020. Wages and salaries increased 1.6 percent for the 12-month period ending in June 2021 and 2.6 percent a year ago. Benefit costs increased 2.6 percent for the 12-month period ending in June 2021. The prior year increase was 3.1 percent.
Posted: July 30, 2021 Friday 08:30 AM