Keeping you up to date on the latest data releases.
- Employment Cost Index
Employer costs of compensation for civilian workers rose 0.3 percent in the third quarter, after increasing 0.7 percent in the second quarter. The wages and salary component edged up 0.3 percent, down slightly from the second quarter’s 0.4 percent advance. The benefits component, averaging 1.2 percent growth in the first half of the year, fell to 0.1 percent growth in the third quarter causing overall compensation to increase at a slower pace. Year-over-year, compensation advanced 2.0 percent, down from the second quarter’s 2.2 percent yearly gain. Compensation of private industry workers continues to advance posting gains of 0.4 percent on a quarterly basis and 2.2 percent year-over-year. Compared to the beginning of the year, however, quarterly and yearly growth slowed in the third quarter. Compensation of state and local workers ticked up 0.1 percent in the third quarter after increasing 1.2 percent in the second quarter. The deceleration in growth was caused by a 0.2 percent decrease in wage compensation. Year-over-year, compensation of state and local workers continued to rise, edging up 1.5 percent.