- Korea: Housing Price Index (Apr)
- US: Consumer Sentiment (Apr-final), GDP (Q1 Adv), ECI (Q1)
- Consumer Sentiment Detail (Apr-final)
- US: Selected NIPA Tables (Q1-Adv), Summary key Source Data (Q1)
- Canada: GDP by Industry (Feb), Industrial Product Prices (Mar)
- *Taiwan National House Price Indexes Rebased to 2016=100.*
- Euro area: HICP (Apr-Flash), ECB Survey of Professional Forecasters (Q2)
- Italy: CPI, HICP (Apr-Prelim)
- Brazil: Sao Paolo Capacity Utilization (Mar);Mexico: Debt (Mar);
- more updates...
Economy in Brief
U.S. Employment Cost Index Has Stronger Gain
Lifted by outsized rises in several industries, the employment cost index for civilian workers rose 0.8% (2.4% y/y) during Q1'17...
Chicago Purchasing Managers Index Strengthens
The Chicago Purchasing Managers Business Barometer Index for April increased to 58.3 from 57.7 in March...
EMU Money and Credit Perk Up
There is some noticeable acceleration in EMU money and credit growth...
Durable Goods Orders Improvement Moderates
New orders for durable goods rose 0.7% (4.5% y/y) during March...
U.S. Initial Claims for Unemployment Insurance Increase
Initial unemployment claims for unemployment insurance rose to 257,000 during the week ended April 22...
U.S. Pending Home Sales Ease
The National Association of Realtors (NAR) reported that pending home sales slipped 0.8% ((+0.8% y/y) during March...
by Carol Stone, CBE July 29, 2016
The employment cost index for civilian workers increased 0.6% (2.3% y/y) during Q2'16 following a similar Q1 rise. This latest gain was in line with the Action Economics Forecast Survey. Wages and salaries also increased 0.6% (2.5% y/y) after a 0.7% rise, and benefits rose 0.5% (2.0% y/y), the same their Q1 gain.
The employment cost index for private industry workers also went up 0.6% in Q2'16 (2.4% y/y), the same as in Q1. Among industries, the index for manufacturing workers rose 0.5% (2.3% y/y), a bit easier than the 0.6% in Q1. Construction worker compensation also slowed, to 0.5% in Q2 (2.5% y/y) from 0.8% in Q1. Service industries were somewhat mixed, with trade, transportation and utilities up 1.2% in Q2 (3.0% y/y) from 0.7% in Q1, and information up 0.7% (1.8% y/y) from 0.1%. But compensation of finance industry workers gained only 0.2% in Q2 (1.9% y/y), down from 0.7% in Q1. Education and health sector workers pay was up 0.4% (1.9% y/y) in Q2 versus 0.6% the quarter before. Leisure and hospitality sector workers saw their compensation rise 1.1% (2.6% y/y), just a bit more than the 1.0% in Q1. In the public sector, compensation of state and local government workers was up 0.5% (2.3% y/y), the same as in Q1.
Wages and salaries in private industry rose 0.6% (2.5% y/y) in Q2 following a 0.7% increase the quarter before. Factory sector wages were also up 0.6% (2.5% y/y) and 0.7% in Q1, and the gain in the construction sector was 0.5% (2.7% y/y), down from 0.8% in Q1. Wage gains in service industries generally improved in Q2, with trade, transportation and utilities up 1.0% (2.9% y/y) from 0.8% in Q1, and the information sector up 1.2% (2.7% y/y) from 0.5%. Professional and business service wages and salaries gained 0.9% (3.0% y/y), up from 0.4% in Q1. As with total compensation, the finance sector saw a slowdown, to 0.3% (2.2% y/y) from 0.9% in Q1. Leisure and hospitality wages were firm at 1.1% (2.9% y/y, the same as in Q1. State and local government workers' wage gains were steady at 0.4% (1.7% y/y).
Benefits for private industry workers grew 0.4% (1.7% y/y) in Q2, following a 0.5% increase in Q1. The rise in manufacturing was steady at 0.4% (1.8% y/y), and the construction, natural resources and maintenance occupations saw a 0.3% (1.6% y/y) benefit increase, up slightly from 0.2% in Q1. Private service industry benefits overall firmed in Q2 to a 0.6% advance (1.8% y/y) from 0.3% in Q1. In the public sector, state and local government worker benefits again increased 0.6% (3.4% y/y), the same as in Q1.
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 (%)||Q2'16||Q1'16||Q4'15||Q2 Y/Y||2015||2014||2013|
|Wages & Salaries||0.6||0.7||0.5||2.5||2.2||1.9||1.7|
|Private Industry Workers (%)|
|Wages & Salaries||0.6||0.7||0.6||2.6||2.3||2.0||1.9|