Compensation costs for civilian workers increased 0.9 percent, seasonally adjusted, for the 3-month period ending in June 2024, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 0.9 percent and benefit costs increased 1.0 percent from March 2024. (See tables A, 1, 2, and 3.) Compensation costs for civilian workers increased 4.1 percent for the 12-month period ending in June 2024 and increased 4.5 percent in June 2023. Wages and salaries increased 4.2 percent for the 12-month period ending in June 2024 and increased 4.6 percent for the 12-month period ending in June 2023. Benefit costs increased 3.8 percent over the year and increased 4.2 percent for the 12-month period ending in June 2023. (See tables A, 4, 8, and 12.) Compensation costs for private industry workers increased 3.9 percent over the year. In June 2023, the increase was 4.5 percent. Wages and salaries increased 4.1 percent for the 12-month period ending in June 2024 and increased 4.6 percent in June 2023. The cost of benefits increased 3.5 percent for the 12-month period ending in June 2024 and increas post: A cool ECI: The employment cost index is seen inside the Fed as the highest-quality measure of compensation growth Wages and salaries for private-sector workers ex-incentive paid occupations was +1.0% in Q2 The Y/Y rate fell to 4.1% (vs 4.2% in Q1 and 4.8% last year) pic.twitter.com/H6SLJQRNlj post: Total compensation growth for all private sector workers was the mildest in three years during the second quarter, lowering the year-over-year change to 3.9% pic.twitter.com/fMaxxiUoJH

Real gross domestic product (GDP) grew 0.2% in May, following a 0.3% increase in April. The goods-producing industries grouping (+0.4%) was the main contributor to the overall ...