Updated: 31-Jan-25 09:34 ET
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Updated: 31-Jan-25 09:34 ET |
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Highlights
- The Q4 Employment Cost Index showed compensation costs for civilian workers increased 0.9% (Briefing.com consensus 0.9%), seasonally adjusted, for the three-month period ending in December 2024 versus 0.8% for the third quarter.
Key Factors
- Compensation costs for civilian workers rose 3.8% for the 12-month period ending in December 2024 versus 4.2% for the 12-month period ending in December 2023. Wages and salaries increased 3.8% for the 12-month period ending in December 2024 versus 4.3% for the 12-month period ending in December 2023. Benefit costs increased 3.6% for the 12-month period ending in December 2024 versus 3.8% for the 12-month period ending in December 2023.
- Compensation costs for private industry workers rose 3.6% for the 12-month period ending in December 2024 versus 4.1% for the 12-month period ending in December 2023. Wages and salaries increased 3.7% for the 12-month period ending in December 2024 versus 4.3% for the 12-month period ending in December 2023. Benefit costs increased 3.3% for the 12-month period ending in in December 2024 versus 3.6% for the 12-month period ending in December 2023.
- Compensation costs for state and local government workers rose 4.7% for the 12-month period ending in December 2024 versus 4.6% for the 12-month period ending in December 2023. Wages and salaries increased 4.5% for the 12-month period ending in December 2024 versus 4.7% for the 12-month period ending in December 2023. Benefit costs increased 4.9% for the 12-month period ending in December 2024 versus 4.6% for the 12-month period ending in December 2023.
Big Picture
- The key takeaway from the report is that compensation costs moderated to 3.8% for the 12-month period ending in December 2024 from 4.2% for the 12-month period ending in December 2023.
Category |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Quarterly Changes |
|
|
|
|
|
Total ECI |
0.9 |
0.8% |
0.9% |
1.2% |
0.9% |
Wages and Salaries |
0.9% |
0.8% |
0.9% |
1.1% |
1.1% |
Benefits |
0.8% |
0.8% |
1.0% |
1.1% |
0.7% |
Year/Year Changes |
|
|
|
|
|
Total ECI |
3.8% |
3.9% |
4.1% |
4.2% |
4.2% |
Wages and Salaries |
3.8% |
3.9% |
4.2% |
4.4% |
4.3% |
Benefits |
3.6% |
3.7% |
3.8% |
3.7% |
3.8% |