Keeping you up to date on the latest data releases.
- Employment Cost Index
Employer costs of compensation for civilian workers rose 0.4 percent (nonannualized) in the third quarter, following the prior quarter’s 0.5 percent expansion. The wages and salary component increased 0.3 percent, slightly below the second quarter’s 0.4 percent advance. The benefits component increased from 0.4 percent to 0.7 percent. On a year-over-year basis, civilian compensation advanced 1.9 percent in the third quarter, on par with its average (1.9 percent) since the recession ended. Civilian wages and salaries increased 1.6 percent over the past 12 months, also on par with its average (1.6 percent) since the recession ended. Growth in civilian benefits continues to slow (from 3.7 percent in 2011 to 2.3 percent in the third quarter of 2013). On a year-over-year basis, private compensation growth was 1.9 percent, private wages and salaries increased 1.8 percent, and benefits grew just 2.2 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.