Research >> Economics
Employment Cost Index up 0.8% in 1Q2020
|
Compensation costs for civilian workers increased 0.8 percent, seasonally adjusted, for the 3-month period ending in March 2020, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 0.9 percent and benefit costs increased 0.4 percent from December 2019.
Compensation costs for civilian workers increased 2.8 percent for the 12-month period ending in March 2020, and also increased 2.8 percent in March 2019. Wages and salaries increased 3.1 percent over the year and increased 2.9 percent for the 12-month period ending in March 2019. Benefit costs increased 2.1 percent for the 12-month period ending in March 2020. In March 2019, the increase was 2.6 percent.
Compensation costs for private industry workers increased 2.8 percent over the year. In March 2019, the increase was also 2.8 percent. Wages and salaries increased 3.3 percent for the 12-month period ending in March 2020 and increased 3.0 percent in March 2019. The cost of benefits rose 1.6 percent for the 12-month period ending in March 2020 and increased 2.4 percent in March 2019.
Employer costs for health benefits increased 1.5 percent for the 12-month period ending in March 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 March 2020 ranged from 2.4 percent for management, professional, and related occupations to 3.6 percent for service occupations. Within industry supersectors, compensation cost increases ranged from 1.1 percent for information to 3.6 percent for leisure and hospitality.
Compensation costs for state and local government workers increased 2.8 percent for the 12-month period ending in March 2020, compared with an increase of 3.0 percent in March 2019. Wages and salaries increased 2.7 percent for the 12-month period ending in March 2020 and 2.5 percent a year ago. Benefit costs increased 3.3 percent for the 12-month period ending in March 2020. The prior year increase was 3.6 percent.
Coronavirus (COVID-19) impact on March 2020 Employment Cost Index
The Employment Cost Index (ECI) reference date was March 12, 2020. Response rates for March were comparable with prior releases, and no changes in estimation procedures were necessary.
Posted: April 30, 2020 Thursday 08:30 AM