US employment cost index stays above 1%
- Prior quarter 1.0%
- Employment cost index 1.1% versus 1.0% expected
- Wages 1.2% versus 1.0% last quarter
- Employment benefits 0.9% versus 0.9% last quarter
Looking at the chart above, prior to Covid, the QoQ increases were below the 1.0% level. Since 2021, most of the increases have been above 1%.
Other details:
12-Month Period Ending in September 2023:
- Compensation costs for civilian workers increased by 4.3%.
- Wages and salaries increased by 4.6%, down from 5.1% in the previous year.
- Benefit costs rose by 4.1%, compared to a 4.9% increase in the previous year.
Private Industry Workers:
- Compensation costs increased by 4.3% over the year.
- Wages and salaries rose by 4.5%.
- Benefit costs increased by 3.9% for the 12-month period ending in September 2023.
- Inflation-adjusted compensation costs in the private sector increased by 0.6%.
Private Industry Occupational Groups:
- Compensation cost increases ranged from 3.9% for production, transportation, and material moving occupations to 4.5% for service occupations.
Industry Supersectors:
- Compensation cost increases ranged from 3.7% for manufacturing to 4.9% for education and health services and other services, except public administration.
State and Local Government Workers:
- Compensation costs increased by 4.8% for the 12-month period ending in September 2023.
- Wages and salaries rose by 4.8%.
- Benefit costs increased by 4.7% over the year.