Friday, October 28, 2011

EMPLOYMENT COST INDEX - SEPTEMBER 2011


Compensation costs for civilian workers increased 0.3 percent, seasonally adjusted, for the 3-month period ending September 2011, the U.S. Bureau of Labor Statistics reported today.

Wages and salaries (which make up about 70 percent of compensation costs) increased 0.3 percent, and benefits (which make up the remaining 30 percent of compensation) were virtually unchanged at 0.1 percent.

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Civilian Workers

Compensation costs for civilian workers increased 2.0 percent for the 12-month period ending September 2011. A year earlier—in September 2010—the increase was 1.9 percent. Wages and salaries increased 1.6 percent for the current 12-month period. In September 2010 the increase was 1.5 percent. Benefit costs increased 3.2 percent. In September 2010, the increase was 2.8 percent.

Private Industry Workers

Compensation costs for private industry workers increased 2.1 percent over the year, compared to the 2.0 percent increase for the previous 12-month period. The wage and salary series increased 1.7 percent for the current 12-month period. The increase for the 12-month period ending September 2010 was 1.6 percent. The increase in the cost of benefits was 3.3 percent for the 12-month period ending September 2011, compared to the September 2010 increase of 2.8 percent. Employer costs for health benefits increased 3.4 percent for the 12-month period ending September 2011, lower than the September 2010 increase of 4.8 percent.

Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending September 2011 ranged from 1.5 percent for service occupations to 2.4 percent for sales and office occupations.

Among industry supersectors, compensation cost increases for private industry workers for the current 12-month period ranged from 1.0 percent for construction to 3.3 percent for financial activities. Over the last 10 years, estimates for financial activities have ranged from 0.0 percent in March 2009 to 7.4 percent in December 2003.

BLS Detailed Report



Original content Bob DeMarco, All American Investor