Research >> Economics
Employment Cost Index up 0.6% in 4Q2017
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Compensation costs for civilian workers increased 0.6 percent, seasonally adjusted, for the 3-month period ending in December 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 0.5 percent.
Civilian Workers
Compensation costs for civilian workers increased 2.6 percent for the 12-month period ending in December 2017. In December 2016, compensation costs increased 2.2 percent. Wages and salaries increased 2.5 percent for the 12- month period ending in December 2017 and increased 2.3 percent for the 12-month period ending in December 2016. Benefit costs increased 2.5 percent for the 12-month period ending in December 2017. In December 2016, the increase was 2.1 percent.
Private Industry Workers
Compensation costs for private industry workers increased 2.6 percent over the year. In December 2016, the increase was 2.2 percent. Wages and salaries increased 2.8 percent for the current 12-month period, a larger increase than the December 2016 increase of 2.3 percent. The cost of benefits rose 2.3 percent for the 12-month period ending in December 2017, higher than the 1.8 percent increase in December 2016.
Employer costs for health benefits increased 1.1 percent for the 12-month period ending in December 2017. (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 2017 ranged from 2.4 percent for management, professional, and related occupations to 3.1 percent for production, transportation, and material moving occupations.
Among industry supersectors, compensation cost increases for private industry workers for the 12-month period ending in December 2017 ranged from 2.0 percent for education and health services and financial activities to 3.6 percent for leisure and hospitality.
State and Local Government
Compensation costs for state and local government workers increased 2.5 percent for the 12-month period ending in December 2017. In December 2016, the increase was 2.4 percent. Wages and salaries increased 2.1 percent for the 12-month period ending in December 2017, the same as the December 2016 increase. Benefit costs increased 3.2 percent for the 12-month period ending in December 2017. The prior year’s increase was 3.1 percent.
Posted: January 31, 2018 Wednesday 08:30 AM