- Weekly: **Unemployment Initial Claims Data have been revised**
- US: Housing Starts by State and Region (Feb)
- CPB World Trade Monitor (Jan)
- CPB World Trade Monitor (Jan)
- France: Registered Unemployed & Job Vacancies (Feb)
- US: Household Employment for States and Regions (Feb)
- US: Wholesale Trade Revisions, Advance Durable Goods (Feb)
- Manufacturing Survey - Markit US (Flash - Mar), Composite Survey - US (Flash - Mar), Services Survey - US (Flash - Mar)
- more updates...
Economy in Brief
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
by Tom Moeller April 29, 2016
The employment cost index for civilian workers increased 0.6% (1.9% y/y) during Q1'16 following a 0.5% rise. The latest gain was as expected in the Action Economics Forecast Survey. Wages increased 0.7% (2.0% y/y) after a 0.5% rise, and benefits rose 0.5% (1.7% y/y) following two quarters of 0.6% gain.
The employment cost index for private industry workers improved 0.6% in Q1'16 (1.8% y/y), following an unrevised 0.5% rise during Q4. The index for the professional & business services sector posted a stable 0.6% gain, though the y/y increase moderated significantly to 1.1%. Trade, transportation & utility workers compensation strengthened 1.2% (2.8% y/y) following a 0.1% gain. Information sector compensation rose 0.7% (-2.1% y/y) after a 0.3% rise. Education & health services workers realized 0.4% growth (1.6% y/y) after a 0.4% increase. Factory workers compensation rose 0.5% (2.3% y/y) and construction workers saw 0.5% growth (2.4% y/y). In the public sector, state & local government workers compensation rose 0.5% (2.5% y/y) following a 0.8% jump.
Wages & salaries in private industry rose 0.7% (2.1% y/y) following a 0.6% increase. Workers in professional & business services realized 0.9% wage growth (1.3% y/y) and that followed a moderated 0.6% increase. Trade, transportation & utility wages jumped 1.0% (2.5% y/y) after a 0.1% rise. Information sector wages strengthened 1.2% (2.7% y/y) after a 0.4% gain. Wages in leisure & hospitality rose 1.1% (2.3% y/y) following a 0.6% increase. Factory sector wages grew a fairly steady 0.6% (2.6% y/y), and construction wages advanced a moderated 0.5% (2.6% y/y). Wages for state & local government workers improved 0.4% (1.8% y/y) after a 0.5% gain.
Benefits of private industry workers grew 0.5% (1.2% y/y) following a 0.4% increase. Sales & office workers realized a 1.1% jump (2.4% y/y) after a 0.5% rise. Workers in service occupations saw a 0.6% increase (1.9% y/y) and management & professional workers saw no change (0.3% y/y). Factory sector workers benefits rose 0.4% (1.9% y/y) after a 0.8% jump. State & local government worker benefits increased a lessened 0.6%. The y/y gain of 3.4% was a bit higher than during the prior six years. These increases were down, however, versus the 6.0% growth of the prior decade.
The employment cost index figures are available in Haver's USECON database. Consensus estimates come from the Action Economics survey, carried in Haver's AS1REPNA database.
|Civilian Workers (%)||Q1'16||Q4'15||Q3'15||Q1 Y/Y||2015||2014||2013|
|Wages & Salaries||0.7||0.5||0.6||2.0||2.2||1.9||1.7|
|Private Industry Workers (%)|
|Wages & Salaries||0.7||0.6||0.7||2.1||2.3||2.0||1.9|