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- US: Composite Indexes (Sep)
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Economy in Brief
U.S. Mortgage Loan Applications Continue to Decline As Interest Rates Rise
The MBA total Mortgage Applications Index fell 7.1% (-23.3% y/y) in the week ending October 12...
European Vehicle Registrations Plunge After Soaring
New car sales in the European Union in September plunged after registrations had ramped up ahead of the introduction of new emissions inspection rules...
U.S. Industrial Production Increases Moderately
The factory sector remains in good shape. Industrial production rose 0.3% (5.1% y/y) during September...
U.S. Home Builder Index Improves, but Remains Below Last Year's High
The Composite Housing Market Index from the NAHB-Wells Fargo inched up during October to 68 from an unrevised 67 in September...
U.S. JOLTS: Job Openings Rate Hits Another Record
The Bureau of Labor Statistics reported that the total job openings rate rose to a record 4.6% in August...
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% |
