Global| Jan 31 2014U.S. Employment Cost Index Includes Strength in Wages & Salaries
by:Tom Moeller
|in:Economy in Brief
Summary
The employment cost index for private industry workers increased 0.5% (2.0% y/y) in Q4'13, following an unrevised 0.4% rise in Q3. For all of last year the index rose 1.9%. Wages & salaries of private industry workers gained 0.6% [...]
The employment cost index for private industry workers increased 0.5%
(2.0% y/y) in Q4'13, following an unrevised 0.4% rise in Q3. For all
of last year the index rose 1.9%.
Wages & salaries of private industry workers gained 0.6% (1.8% y/y), twice the Q3 rise. Financial activities workers realized a 0.8% increase (2.8% y/y) while retail trade workers saw a 0.7% raise (2.2% y/y). Manufacturing sector workers came home with a 0.5% rise in wages (2.1% y/y) while education & health care workers had a 0.4% rise (1.8% y/y) in pay. Workers in the information sector saw wages fall 0.3% (+1.1% y/y).
Benefit costs increased 0.5% (1.9% y/y). Factory sector benefits gained 0.7% (1.4% y/y). Service occupations workers had a 0.6% rise (1.5% y/y) in benefits while production transportation & materials moving workers also saw 0.5% growth (1.3% y/y). Management & professional workers realized 0.5% growth (1.3% y/y).
Total compensation for state & local government workers rose 0.7% (1.8% y/y). That reflected a 0.7% rise (2.2% y/y) for public administration workers and a 0.6% gain (2.3% y/y) in health care & social services.
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.
| ECI- Private Industry Workers (%) | Q4'13 | Q3'13 | Q2'13 | Q4 Y/Y | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|
| Compensation | 0.5 | 0.4 | 0.6 | 2.0 | 1.9 | 1.9 | 2.2 |
| Wages & Salaries | 0.6 | 0.3 | 0.6 | 2.1 | 1.9 | 1.8 | 1.7 |
| Benefit Costs | 0.5 | 0.6 | 0.4 | 1.9 | 2.0 | 2.2 | 3.4 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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