Recent Updates
- Australia: Leading Indicator of Employment (Mar),ADI Property Exposures Statistics, Authorized Deposit-taking Institution Performance (Q4), WMI Leading Index of Economic Activity, Job Vacancy Report (Feb)
- Japan: Government Bond Trading Volume by Category of Investors (Feb)
- Hong Kong: RICS Spacious Residential Market Survey (Feb)
- New Zeland: Jobs Online (Feb), International Investment Position, BOP, External Debt (Q4)
- Korea: PPI, Domestic Supply Price and Output Price Indexes (Feb)
- more updates...
Economy in Brief
U.S. Gasoline & Crude Oil Prices Continue to Rise
Retail gasoline prices increased to $2.55 per gallon (-1.9% y/y)...
ZEW's Global Assessments Remain Weak
ZEW survey expectations curled higher this month but continued to stake out very weak readings...
U.S. Home Builder Sentiment Remains Improved
The NAHB-Wells Fargo Composite Housing Market Index held steady at 62 during March...
EMU Trade Surplus Expands on Weak Import Rise
In the EMU, both import and export gains were modest in January...
U.S. JOLTS: Job Openings Remain Abundant
The Bureau of Labor Statistics reported that the total job openings rate increased to 4.8% during January...
by Tom Moeller July 29, 2005
The employment cost index for private industry workers rose the same 0.6% last quarter as during 1Q05 and contrasted to Consensus expectations for a 0.8% increase.
The 0.8% increase in benefit costs was the slowest since early 2002 and reflected slower growth in the service sector while benefit costs grew more rapidly in manufacturing. The y/y gain in the cost of health benefits fell to 6.3%, the slowest since 1999.
Wage and salary growth was stable at 0.6%. Wages account for roughly 70% of the compensation index.
Labor Market Developments in the United States and Canada since 2000 from the Federal Reserve Bank of New York is available here.
| ECI- Private Industry Workers | 2Q '05 | 1Q '05 | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Compensation | 0.6% | 0.6% | 3.2% | 3.8% | 4.0% | 3.2% |
| Wages & Salaries | 0.6% | 0.6% | 2.4% | 2.4% | 3.0% | 2.7% |
| Benefit Costs | 0.8% | 1.1% | 4.9% | 6.9% | 6.4% | 4.7% |
