- 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 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|