Research >> Economics
Employment Cost Index up 1.4% in 1Q2022
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Compensation costs for civilian workers increased 1.4 percent, seasonally adjusted, for the 3-month period ending in March 2022, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.2 percent and benefit costs increased 1.8 percent from December 2021.
Compensation costs for civilian workers increased 4.5 percent for the 12-month period ending in March 2022 and increased 2.6 percent in March 2021. Wages and salaries increased 4.7 percent for the 12-month period ending in March 2022 and increased 2.7 percent for the 12-month period ending in March 2021. Benefit costs increased 4.1 percent over the year and increased 2.5 percent for the 12-month period ending in March 2021.
Compensation costs for private industry workers increased 4.8 percent over the year. In March 2021, the increase was 2.8 percent. Wages and salaries increased 5.0 percent for the 12-month period ending in March 2022 and increased 3.0 percent in March 2021. The cost of benefits increased 4.1 percent for the 12-month period ending in March 2022 and increased 2.5 percent in March 2021. Inflation-adjusted (constant dollar) private wages and salaries declined 3.3 percent for the 12 months ending March 2022. Inflation-adjusted benefit costs in the private sector declined 4.0 percent over that same period.
Among private industry occupational groups, compensation cost increases for the 12-month period ending in March 2022 ranged from 4.0 percent for natural resources, construction, and maintenance occupations to 7.8 percent for service occupations.
Compensation costs for state and local government workers increased 3.2 percent for the 12-month period ending in March 2022, compared with an increase of 2.0 percent in March 2021. Wages and salaries increased 3.1 percent for the 12-month period ending in March 2022 and 1.6 percent a year ago. Benefit costs increased 3.5 percent for the 12-month period ending in March 2022. The prior year increase was 2.6 percent.
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Updated Employment Weights
Beginning with the December 2022 news release, the Employment Cost Index will introduce new employment weights based on the 2018 Standard Occupational Classification (SOC) system, see www.bls.gov/soc/2018/home.htm.
Posted: April 29, 2022 Friday 08:30 AM