Keeping you up to date on the latest data releases.
- Employment Cost Index
Employer costs of compensation for civilian workers rose 0.3 percent (nonannualized) in the first quarter, following a 0.4 percent increase in the fourth quarter. The wages and salary component increased 0.5 percent, slightly above the fourth quarter’s 0.3 percent advance. The benefits component saw growth slow from 0.6 percent to 0.1 percent in the current quarter. Year-over-year, civilian compensation advanced 1.7 percent in the first quarter, slightly below its average (1.9 percent) since the recession ended. Civilian wages and salaries increased 1.7 percent over the past twelve months; wage and salary growth has ranged from 1.5 to 1.7 percent over the last 15 quarters. Growth in civilian benefits has slowed markedly from 3.7 percent in 2011 to increasing 1.9 percent in the first quarter. On a year-over-year basis, private compensation growth is 1.7 percent while private wages and salaries increased 1.7 percent and benefits grew just 1.5 percent. Inflationary impetus from the labor market continues to be minimal as compensation growth has averaged 1.9 percent for the since the recession ended.