Compensation costs up 1.1% Jun 2023 to Sep 2023 and up 4.3% over the year ending Sep 2023 [View all]

[mahatmakanejeeves]

Source: U.S. Bureau of Labor Statistics

Compensation costs up 1.1% Jun 2023 to Sep 2023 and up 4.3% over the year ending Sep 2023

Economic News Release USDL-23-2314

Employment Cost Index Summary
Transmission of material in this release is embargoed until 8:30 a.m. (ET) Tuesday, October 31, 2023

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EMPLOYMENT COST INDEX – SEPTEMBER 2023

Compensation costs for civilian workers increased 1.1 percent, seasonally adjusted, for the 3-month period ending in September 2023, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.2 percent and benefit costs increased 0.9 percent from June 2023. (See tables A, 1, 2, and 3.)

Compensation costs for civilian workers increased 4.3 percent for the 12-month period ending in September 2023 and increased 5.0 percent in September 2022. Wages and salaries increased 4.6 percent for the 12-month period ending in September 2023 and increased 5.1 percent for the 12-month period ending in September 2022. Benefit costs increased 4.1 percent over the year and increased 4.9 percent for the 12-month period ending in September 2022. (See tables A, 4, 8, and 12.)

Compensation costs for private industry workers increased 4.3 percent over the year. In September 2022, the increase was 5.2 percent. Wages and salaries increased 4.5 percent for the 12-month period ending in September 2023 and increased 5.2 percent in September 2022. The cost of benefits increased 3.9 percent for the 12-month period ending in September 2023 and increased 5.0 percent in September 2022. Inflation-adjusted (constant dollar) compensation costs for private industry increased 0.6 percent for the 12-month period ending in September 2023. Inflation-adjusted wages and salaries increased 0.8 percent for the 12 months ending September 2023. Inflation-adjusted benefit costs in the private sector increased 0.2 percent over that same period. (See tables A, 5, 9, and 12.)

Among private industry occupational groups, compensation cost increases for the 12-month period ending in September 2023 ranged from 3.9 percent for production, transportation, and material moving occupations to 4.5 percent for service occupations. Within industry supersectors, compensation cost increases ranged from 3.7 percent for manufacturing to 4.9 percent for both education and health services and for other services, except public administration. (See table 5.)

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Read more: https://www.bls.gov/news.release/eci.nr0.htm

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Compensation costs increased 1.1 percent for civilian workers, seasonally adjusted, from June 2023 to September 2023. Over the year, total compensation rose 4.3 percent, wages and salaries rose 4.6 percent, and benefit costs rose 4.1 percent.