Research >> Economics
Employment Cost Index up 0.7% in 4Q2020
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Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the 3-month period ending in December 2020, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 0.9 percent and benefit costs increased 0.6 percent from September 2020.
Compensation costs for civilian workers increased 2.5 percent for the 12-month period ending in December 2020 and increased 2.7 percent in December 2019. Wages and salaries increased 2.6 percent over the year and increased 2.9 percent for the 12-month period ending in December 2019. Benefit costs increased 2.3 percent over the year and increased 2.2 percent for the 12-month period ending in December 2019.
Compensation costs for private industry workers increased 2.6 percent over the year. In December 2019, the increase was 2.7 percent. Wages and salaries increased 2.8 percent for the 12-month period ending in December 2020 and increased 3.0 percent in December 2019. The cost of benefits increased 2.1 percent for the 12-month period ending in December 2020 and increased 1.9 percent in December 2019.
Employer costs for health benefits increased 1.9 percent for the 12-month period ending in December 2020.(For further information see www.bls.gov/web/eci/echealth.pdf.)
Among private industry occupational groups, compensation cost increases for the 12-month period ending in December 2020 ranged from 2.0 percent for management, professional, and related occupations to 3.6 percent for service occupations. Within industry supersectors, compensation cost increases ranged from 2.2 percent for both other services and education and health services to 3.4 percent for leisure and hospitality.
Compensation costs for state and local government workers increased 2.3 percent for the 12-month period ending in December 2020, compared with an increase of 2.9 percent in December 2019. Wages and salaries increased 1.8 percent for the 12-month period ending in December 2020 and 2.5 percent a year ago. Benefit costs increased 3.1 percent for the 12-month period ending in December 2020. The prior year increase was 3.3 percent.
Posted: January 29, 2021 Friday 08:30 AM