Updated: 31-Oct-24 09:36 ET
| Q3 Employment Cost Index |
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| Updated: 31-Oct-24 09:36 ET |
Highlights
- The Q3 Employment Cost Index increased 0.8% (Briefing.com consensus 1.0%), seasonally adjusted, for the 3-month period ending in September 2024 versus 0.9% for the 3-month period ending in June 2024.
- Wages and salaries increased 0.8% and benefit costs increased 0.8% from June 2024.
Key Factors
- Compensation costs for civilian workers rose 3.9% for the 12-month period ending in September 2024 versus 4.3% for the 12-month period ending in September 2023. Wages and salaries increased 3.9% for the 12-month period ending in September 2024 versus 4.6% for the 12-month period ending in September 2023. Benefit costs increased 3.7% for the 12-month period ending in September 2024 versus 4.1% for the 12-month period ending in September 2023.
- Compensation costs for private industry workers rose 3.6% for the 12-month period ending in September 2024 versus 4.3% for the 12-month period ending in September 2023. Wages and salaries increased 3.8% for the 12-month period ending in September 2024 versus 4.5% for the 12-month period ending in September 2023. Benefit costs increased 3.3% for the 12-month period ending in in September 2024 versus 3.9% for the 12-month period ending in September 2023.
- Compensation costs for state and local government workers rose 4.7% for the 12-month period ending in September 2024 versus 4.8% for the 12-month period ending in September 2023. Wages and salaries increased 4.6% for the 12-month period ending in September 2024 versus 4.8% for the 12-month period ending in September 2023. Benefit costs increased 4.8% for the 12-month period ending in September 2024 versus 4.7% for the 12-month period ending in September 2023.
Big Picture
- The key takeaway from the report is that compensation costs for civilian, private, and state and local government workers decelerated versus the 12-month period ending in September 2023, reflecting a moderation in wage inflation.
| Category | Q3 | Q2 | Q1 | Q4 | Q3 |
| Quarterly Changes | |||||
| Total ECI | 0.8% | 0.9% | 1.2% | 0.9% | 1.0% |
| Wages and Salaries | 0.8% | 0.9% | 1.1% | 1.1% | 1.1% |
| Benefits | 0.8% | 1.0% | 1.1% | 0.7% | 0.9% |
| Year/Year Changes | |||||
| Total ECI | 3.9% | 4.1% | 4.2% | 4.2% | 4.3% |
| Wages and Salaries | 3.9% | 4.2% | 4.4% | 4.3% | 4.6% |
| Benefits | 3.7% | 3.8% | 3.7% | 3.8% | 4.1% |
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