- Retail Trade, Household Consumption (Feb), Population (Feb)
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Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller October 28, 2016
The employment cost index for civilian workers increased 0.6% (2.2% y/y) during Q3'16 for the third straight quarter. The rise matched expectations in the Action Economics Forecast Survey. Wages and salaries increased 0.5% (2.4% y/y) after a 0.6% rise, and benefits rose 0.7% (2.3% y/y) following a 0.5% gain.
The employment cost index for private industry workers increased 0.5% in (2.2% y/y) following a 0.6% gain. Among industries, the index for manufacturing workers rose a steady 0.6% (2.5% y/y). Construction worker compensation eased 0.1% (+1.9% y/y). Service industries compensation improved 0.6% (2.2% y/y), as it did in Q2. Compensation of finance industry workers surged 1.4% (3.1% y/y), the strongest rise since 2003. Trade, transportation and utilities rose 0.4% (2.4% y/y), and information increased 0.8% (1.9% y/y), up from 0.1%. Professional & business service compensation improved 0.2% (1.7% y/y), while education and health sector workers compensation rose 0.5% (1.9% y/y). Leisure and hospitality sector workers saw their compensation rise 0.5% (1.9% y/y). In the public sector, compensation of state and local government workers strengthened 0.9% (2.7% y/y), the strongest rise since 2008.
Wages and salaries in private industry rose 0.5% (2.4% y/y), the weakest rise since Q2'15. Factory sector wages increased a steady 0.7% (2.8% y/y), but construction sector wages dipped 0.2% (+2.0% y/y). Wage gains in service industries lessened to 0.5% after two quarters of 0.7% increase. Financial activity wages jumped 1.4% (3.4% y/y), the strongest rise since 2007. Trade, transportation and utilities pay improved 0.3% (2.2% y/y) after a 0.8% rise, but information sector wages increased 0.8% (2.9% y/y) after a 0.5% rise. Professional and business service wages and salaries edged 0.1% higher (1.9% y/y), the weakest performance in over a year. Education & health services pay increased 0.4% (2.1% y/y), while leisure and hospitality wages jumped another 1.0% (3.8% y/y), about the same as in the prior two quarters. State and local government workers' wages increased 0.7% (2.1% y/y), the strongest increase since 2008.
Benefits for private industry workers grew 0.5% (1.8% y/y), following a 0.4% increase. The rise in manufacturing was steady at 0.4% (2.1% y/y) for the last three quarters. Private service industry benefits overall firmed 0.6% (1.8% y/y) after a 0.3% rise. In the public sector, state and local government worker benefits strengthened 1.2% (3.7% y/y), double the increases in the prior two quarters.
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 (%)||Q3'16||Q2'16||Q1'16||Q3 Y/Y||2015||2014||2013|
|Wages & Salaries||0.5||0.6||0.7||2.4||2.2||1.9||1.7|
|Private Industry Workers (%)|
|Wages & Salaries||0.5||0.6||0.7||2.4||2.3||2.0||1.9|