| Total employee compensation costs increased 0.9 percent during the second quarter, the U.S. Department of Labor Employment Cost Index recently released. The increase mirrored a first quarter increase of 0.8 percent. Wages and salaries rose 0.8 percent during the second quarter while benefit costs increased 1.3 percent, up from 0.1 percent during the first quarter.
For private industry, compensation costs rose 0.9 percent during the second quarter, compared to 0.6 percent for the prior quarter. State and local government costs increased 1.1 percent, compared to 1.3 percent during the first quarter. Wages and salaries for private industry workers increased 0.8 percent, compared with 1.1 percent for the previous quarter.
In state and local government, the increase was 0.8 percent, compared with 0.9 percent in the prior quarter. Benefit costs for private industry rose sharply by 1.1 percent, compared to a decline of 0.3 percent the previous quarter. For state and local government, benefit costs increased 1.7 percent, compared to 2.1 percent in the previous quarter. |
