Research >> Economics
Employment Cost Index up 0.6% in 2Q2018
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Compensation costs for civilian workers increased 0.6 percent, seasonally adjusted, for the 3-month period ending in June 2018, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.5 percent and benefit costs (which make up the remaining 30 percent of compensation) increased 0.9 percent.
Civilian Workers
Compensation costs for civilian workers increased 2.8 percent for the 12-month period ending in June 2018 compared with a compensation costs increase of 2.4 percent in June 2017. Wages and salaries increased 2.8 percent for the 12-month period ending in June 2018 and increased 2.3 percent for the 12-month period ending in June 2017. Benefit costs increased 2.9 percent for the 12-month period ending in June 2018. In June 2017, the increase was 2.5 percent.
Private Industry Workers
Compensation costs for private industry workers increased 2.9 percent over the year, a larger increase than the 2.4 percent increase in June 2017. Wages and salaries increased 2.9 percent for the 12-month period ending in June 2018 and increased 2.4 percent in June 2017. The cost of benefits rose 2.8 percent for the 12-month period ending in June 2018 and increased 2.2 percent in June 2017.
Employer costs for health benefits increased 1.6 percent for the 12-month period ending in June 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 June 2018 ranged from 2.4 percent for management, professional, and related occupations to 3.5 percent for sales and office occupations.
Among industry supersectors, compensation cost increases for private industry workers for the 12-month period ending in June 2018 ranged from 2.2 percent for education and health services to 4.5 percent for information.
State and Local Government
Compensation costs for state and local government workers increased 2.3 percent for the 12-month period ending in June 2018. In June 2017, the increase was 2.6 percent. Wages and salaries increased 1.9 percent for the 12-month period ending in June 2018, compared with 2.1 percent a year ago. Benefit costs increased 3.1 percent for the 12-month period ending in June 2018. The prior year increase was 3.2 percent.
Posted: July 31, 2018 Tuesday 08:30 AM