BLS: Compensation costs up 0.6% Mar 2018 to Jun 2018 and up 2.8% over the year ending Jun 2018

[mahatmakanejeeves]

Last edited Wed Aug 22, 2018, 02:39 PM - Edit history (1)

Compensation costs up 0.6% Mar 2018 to Jun 2018 and up 2.8% over the year ending Jun 2018

Economic News Release USDL-18-1238

Employment Cost Index Summary

NEWS RELEASE BUREAU OF LABOR STATISTICS U.S. DEPARTMENT OF LABOR

TRANSMISSION OF MATERIAL IN THIS RELEASE IS EMBARGOED UNTIL 8:30 a.m. (EDT) Tuesday, July 31, 2018

Technical information: [phone] • [e-mail] • www.bls.gov/ect
Media contact: [phone] • [e-mail]


EMPLOYMENT COST INDEX – June 2018

Compensation costs for civilian workers increased 0.6 percent, seasonally adjusted, for the 3-month period ending in June 2018, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.5 percent and benefit costs (which make up the remaining 30 percent of compensation) increased 0.9 percent. (See tables A, 1, 2, and 3.)

Civilian Workers

Compensation costs for civilian workers increased 2.8 percent for the 12-month period ending in June 2018 compared with a compensation costs increase of 2.4 percent in June 2017. Wages and salaries increased 2.8 percent for the 12-month period ending in June 2018 and increased 2.3 percent for the 12-month period ending in June 2017. Benefit costs increased 2.9 percent for the 12-month period ending in June 2018. In June 2017, the increase was 2.5 percent. (See tables A, 4, 8, and 12.)

Private Industry Workers

Compensation costs for private industry workers increased 2.9 percent over the year, a larger increase than the 2.4 percent increase in June 2017. Wages and salaries increased 2.9 percent for the 12-month period ending in June 2018 and increased 2.4 percent in June 2017. The cost of benefits rose 2.8 percent for the 12-month period ending in June 2018 and increased 2.2 percent in June 2017. (See tables A, 5, 9, and 12.)

Employer costs for health benefits increased 1.6 percent for the 12-month period ending in June 2018. (For further information, see www.bls.gov/web/eci/echealth.pdf.)

Among occupational groups, compensation cost increases for private industry workers for the 12-
month period ending in June 2018 ranged from 2.4 percent for management, professional, and related occupations to 3.5 percent for sales and office occupations. (See table 5.)
....

The Employment Cost Index for September 2018 is scheduled for release on October 31, 2018, at 8:30 a.m. (EDT).

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[MattP]

1. Fair number but nflation was 2.9 percent for the same period

[mahatmakanejeeves]

3. What's your source for that? I'm not disputing your assertion, but I'm at home, and

I'm on a mind-numbingly slow connection that prevents me from looking things up.

Per Interconnect Wizard, I'm cranking along at 40k baud. I dream of getting a 56k connection. I'm less than a mile from the telco, so I don't know why my connection isn't faster.

At work, things are just a bit faster, but not at home.

Thanks.

[Cicada]

5. US bureau of labor statistics says inflation 2.9%

Conservatives traditionally argued bus fudged data to underestimate inflation. Now I guess they will reverse course. Krugman often pointed out a private measure from computers at MIT called the billion prices index tracks BLS perfectly once you average out over a few months.

[progree]

6. Here's the BLS's CPI report. Yup, 2.9% over past 12 months thru June

https://www.bls.gov/cpi/

In June, the Consumer Price Index for All Urban Consumers increased 0.1 percent seasonally adjusted; rising 2.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy rose 0.2 percent in June (SA); up 2.3 percent over the year (NSA).

More: https://www.bls.gov/news.release/cpi.nr0.htm

[mahatmakanejeeves]

7. Thanks to you and to Cicada.

Guess who started the thread here about that a week ago?

Man, I'm really falling down now.

Best wishes.

[dhol82]

2. So, basically wages are up shit?

Inquiring mind and all.

[Cicada]

4. No, wages declined after inflation is considered

Breitbart brags that wages went up 2.8% but “ forgot” to point out inflation was 2.9%.