- US: IIP (Q4)
- Zambia: BOP (Q4); Israel: Credit Card Purchases (Feb); UAE: CPI (Feb); Saudi Arabia: GDP (Q4-Prelim)
- Hungary: Employment (Feb); Bulgaria: Business Survey (Mar); Kazakhstan: Consolidated Budget (Feb)
- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar); Iceland: PPI (Feb)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey (Mar)
- more updates...
Economy in Brief
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...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller January 31, 2017
The employment cost index for civilian workers rose 0.5% (2.2% y/y) during Q4'16, down slightly from the 0.6% Q3 gain. A 0.6% rise had been expected in the Action Economics Forecast Survey. Wages and salaries increased 0.5% (2.4% y/y) after a 0.5% rise, and benefits rose 0.4% (2.0% y/y) following a 0.7% gain.
The employment cost index for private industry workers increased 0.5% (2.2% y/y) following a 0.5% gain. Among industries, the index for manufacturing workers rose a lessened 0.5% (2.2% y/y). Construction worker compensation strengthened 0.7% (1.9% y/y). Service industries compensation improved 0.4% (2.2% y/y), down from a 0.6% Q3 rise. Compensation of finance industry workers rose an easier 0.6% (2.9% y/y). Trade, transportation and utilities rose 0.4% (2.8% y/y), and information increased 0.5% (2.0% y/y). Professional & business service compensation remained unchanged (1.2 % y/y), while education and health sector workers compensation rose a steady 0.5% (1.9% y/y). Leisure and hospitality sector workers saw their compensation rise 0.3% (3.3% y/y). In the public sector, compensation of state and local government workers rose 0.5% (2.4% y/y).
Wages and salaries in private industry rose a steady 0.5% (2.3% y/y). Factory sector wages increased 0.6% (2.6% y/y), but construction sector wages jumped 0.9% (2. 1% y/y). Wage gains in service industries eased to 0.4% (2.3% y/y). The increase in financial activity wages halved to 0.7% (3.3% y/y). Trade, transportation and utilities pay improved 0.5% (2.6% y/y) after a 0.3% rise, and information sector wages increased 0.6% (3.1% y/y) after a 0.8% rise. Professional and business service wages and salaries remained unchanged (1.3% y/y). Education & health services pay increased 0.6% (2.2% y/y), while leisure and hospitality wages increased 0.4% (3.7% y/y), a sharp slowdown from the prior three quarters. State and local government workers' wages increased a moderated 0.5% (2.1% y/y).
Benefits for private industry workers grew a lessened 0.4% (1.8% y/y), following a 0.5% increase. The rise in manufacturing eased to 0.2% (1.5% y/y) after three quarters of 0.4% rise. Private service industry benefits overall firmed 0.4% (1.8% y/y) after a 0.5% rise. In the public sector, state and local government worker benefits weakened to 0.7% (3.1% y/y) after a 1.2% jump.
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 (%)||Q4'16||Q3'16||Q2'16||Q4 Y/Y||2016||2015||2014|
|Wages & Salaries||0.5||0.5||0.6||2.4||2.3||2.2||1.9|
|Private Industry Workers (%)|
|Wages & Salaries||0.5||0.5||0.6||2.3||2.4||2.3||2.0|