Research >> Economics
Employment Cost Index up 0.5% in 2Q2017
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Compensation costs for civilian workers increased 0.5 percent, seasonally adjusted, for the 3-month period ending in June 2017, 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 benefits (which make up the remaining 30 percent of compensation) increased 0.6 percent.
Civilian Workers
Compensation costs for civilian workers increased 2.4 percent for the 12-month period ending in June 2017. In June 2016, compensation costs increased 2.3 percent. Wages and salaries increased 2.3 percent for the current 12-month period and increased 2.5 percent for the 12-month period ending in June 2016. Benefit costs increased 2.5 percent for the 12-month period ending in June 2017. In June 2016, the increase was 2.0 percent.
Private Industry Workers
Compensation costs for private industry workers increased 2.4 percent over the year. In June 2016, the increase was the same. Wages and salaries increased 2.4 percent for the current 12-month period. In June 2016, the increase was 2.6 percent. The cost of benefits rose 2.2 percent for the 12-month period ending in June 2017, higher than the 1.7 percent increase in June 2016.
Employer costs for health benefits increased 1.2 percent for the 12-month period ending in June 2017.
Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending in June 2017 ranged from 1.7 percent for sales and office occupations to 2.9 percent for service occupations.
Among industry supersectors, compensation cost increases for private industry workers for the 12- month period ending in June 2017 ranged from 1.8 percent for professional and business services to 3.9 percent for leisure and hospitality.
State and Local Government Workers
Compensation costs for state and local government workers increased 2.6 percent for the 12-month period ending in June 2017. In June 2016, the increase was 2.3 percent. Wages and salaries increased 2.1 percent for the 12-month period ending in June 2017, higher than the June 2016 increase of 1.7 percent. Benefit costs increased 3.2 percent for the 12-month period ending in June 2017. The prior year’s increase was 3.4 percent.
Posted: July 28, 2017 Friday 08:30 AM