Research >> Economics
Employment Cost Index up 0.7% in 4Q2018
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Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the 3-month period ending in December 2018, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.6 percent and benefit costs (which make up the remaining 30 percent of compensation) increased 0.7 percent from September 2018.
Civilian Workers
Compensation costs for civilian workers increased 2.9 percent for the 12-month period ending in December 2018 compared with a compensation costs increase of 2.6 percent in December 2017. Wages and salaries increased 3.1 percent for the 12-month period ending in December 2018 and increased 2.5 percent for the 12-month period ending in December 2017. Benefit costs increased 2.8 percent for the 12-month period ending in December 2018. In December 2017, the increase was 2.5 percent.
Private Industry Workers
Compensation costs for private industry workers increased 3.0 percent over the year compared with an increase of 2.6 percent in December 2017. Wages and salaries increased 3.1 percent for the 12-month period ending in December 2018 and increased 2.8 percent in December 2017. The cost of benefits rose 2.6 percent for the 12-month period ending in December 2018 and increased 2.3 percent in December 2017.
Employer costs for health benefits increased 1.8 percent for the 12-month period ending in December 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 December 2018 ranged from 2.5 percent for both management, professional, and related occupations and natural resources, construction, and maintenance occupations to 3.8 percent for sales and office occupations.
Among industry supersectors, compensation cost increases for private industry workers for the 12-month period ending in December 2018 ranged from 2.1 percent for manufacturing to 4.6 percent for information.
State and Local Government Workers
Compensation costs for state and local government workers increased 2.6 percent for the 12-month period ending in December 2018. In December 2017, the increase was 2.5 percent. Wages and salaries increased 2.4 percent for the 12-month period ending in December 2018, compared with 2.1 percent a year ago. Benefit costs increased 3.1 percent for the 12-month period ending in December 2018. The prior year increase was 3.2 percent.
Posted: January 31, 2019 Thursday 08:30 AM