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US Employment Cost Index – June 2024
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 ... (full story)
Added at 8:41am
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A cool ECI:
— Nick Timiraos (@NickTimiraos) July 31, 2024
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
Added at 8:41am
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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
— Nick Timiraos (@NickTimiraos) July 31, 2024
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- Posted: Jul 31, 2024 8:30am
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