Employment Costs Rise 0.7% in 2Q2014

July 31st, 2014
in econ_news

by Bureau of Labor Statistics

Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the 3-month period ending June 2014, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.6 percent, and benefits (which make up the remaining 30 percent of compensation) increased 1.0 percent.

Follow up:

Civilian Workers

Compensation costs for civilian workers increased 2.0 percent for the 12-month period ending June 2014. In June 2013, the increase in compensation costs was 1.9 percent. Prior values for this series, which began in June 1982, ranged from 1.4 percent to 7.5 percent. Wages and salaries increased 1.8 percent for the 12-month period ending June 2014, compared with 1.7 percent in June 2013. Benefit costs increased 2.5 percent for the 12-month period ending June 2014, compared with a 2.2 percent increase for the 12-month period ending June 2013.

Private Industry Workers

Compensation costs for private industry workers increased 2.0 percent over the year. In June 2013 the increase was 1.9 percent. Wages and salaries increased 1.9 percent for the current 12-month period ending June 2014, the same as June 2013. The increase in the cost of benefits was 2.4 percent for the 12-month period ending June 2014, primarily due to increases in the cost of retirement plans. In June 2013, the increase in the cost of benefits was 1.9 percent. Employer costs for health benefits increased 2.7 percent over the year. In June 2013 the increase was 2.6 percent.

Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending June 2014 ranged from 1.1 percent for service occupations to 2.4 percent for natural resources, construction, and maintenance 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 4.6 percent for information.

State and Local Government Workers

Compensation costs for state and local government workers increased 2.0 percent for the 12-month period ending June 2014, compared with 1.8 percent for June 2013. Wages and salaries increased 1.3 percent for the 12-month period ending June 2014, compared with 1.0 percent in June 2013. Benefit costs increased 3.2 percent in June 2014. In June 2013, the increase was 3.3 percent. (See tables A, 7, 11, and 12.)

[click on image to read the entire report]

Source: http://www.bls.gov/news.release/pdf/eci.pdf









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