Friday, July 29, 2011

EMPLOYMENT COST INDEX - JUNE 2011


Compensation costs for civilian workers increased 0.7 percent

All American Investor

Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the3-month period ending June 2011, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.4 percent, and benefits (which make up the remaining 30 percent of compensation) increased 1.3 percent.


Civilian Workers

Compensation costs for civilian workers increased 2.2 percent for the 12-month period ending June 2011. A year earlier—in June 2010—the increase was 1.9 percent. Wages and salaries increased 1.6 percent for the current 12-month period; the same as the June 2010 increase. Benefit costs accelerated to 3.6 percent, up from a 2.5-percent increase for the 12-month period ending June 2010.

Private Industry Workers

Compensation costs for private industry workers increased 2.3 percent over the year, compared to the 1.9-percent increase for the previous 12-month period. The wage and salary series increased 1.7 percent for the current 12-month period. The change for the 12-month period ending June 2010 was 1.6 percent. The increase in the cost of benefits jumped to 4.0 percent for the 12-month period ending June 2011, higher than the June 2010 increase of 2.4 percent. Employer costs for health benefits increased 3.6 percent for the 12-month period ending June 2011. In June 2010, the 12-month percent change was 5.0 percent.

Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending June 2011 ranged from 1.8 percent for service occupations to 2.7 percent for production, transportation and material moving occupations.

Among industry supersectors, compensation cost increases for private industry workers for the current 12-month period ranged from 1.1 percent for leisure and hospitality to 3.3 percent for manufacturing. Since September 2005, estimates for manufacturing have ranged from 1.0 percent in December 2009 to 3.2 percent in both September 2005 and December 2005.

State and Local Government Workers

Compensation costs for State and local government workers increased 1.7 percent for the 12-month period ending June 2011, which was the same as the increase for the 12-month period ending June 2010. Values for this series—which began in June 1982—have ranged from 1.7 percent in both June 2010 and the current reference period to 9.6 percent in June 1982. Wages and salaries increased 1.2 percent for the 12-month period ending June 2011. A year earlier the increase was 1.3 percent. Priorm values for this series, which also began in June 1982, ranged from 1.2 percent for the past four quarters to 8.5 percent in June 1982. Benefit costs increased 3.0 percent; in June 2010 the increase was 2.5. Prior values for this series, which began in June 1990, ranged from 1.2 percent in December 1997 to 8.3 percent in June 1990.

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Source Bureau of Labor Statistics

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Original content Bob DeMarco, All American Investor