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- US: Consumer Sentiment (Jan-prelim), IP & Capacity Utilization (Dec)
- Consumer Sentiment (Jan-prelim)
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- Canada: CPI (Dec), Intl Transactions in Securities (Nov)
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Economy in Brief
Delay in Release
of Data for Construction, MSIO, Intl Trade, Wholesale Trade, Monthly Treasury, Retail Sales, Business Sales & Inventories, and Housing Starts Due to Lapse in Federal Government Funding.
U.K. Retail Sales Begin to Lose Momentum
U.K. retail sales fell by a sharp 1% in December...
Philadelphia Fed Manufacturing Index Rebounds; Pricing Pressure Eases
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index increased to 17.0 during January...
U.S. Initial Unemployment Insurance Claims Slip
Initial claims for jobless insurance eased to 213,000 (-2.6% y/y) during the week ended January 12...
Passenger Car Registrations Hold to Low Ground in Europe
Passenger car registrations in Europe fell on a year-over-year comparison for the fourth consecutive months in December...
by Tom Moeller July 31, 2007
For private industry workers, the employment cost index rose an expected 0.9% last quarter. The gain followed a more modest 0.6% 1Q increase that was held back by a 0.3% decline in benefits costs.
Benefit costs rebounded 1.1% from the prior quarter’s move down. The cost of health benefits increased 4.8% y/y, continuing the slowdown of the last four years.
Wage and salary growth at 0.8% was lower than the 1.1% the prior quarter but the y/y growth of 3.4% was near the strongest of the last five years. Wages account for roughly 70% of the compensation index.
| ECI- Private Industry Workers | 2Q | 1Q | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Compensation | 0.9% | 0.6% | 3.1% | 2.9% | 3.1% | 3.8% |
| Wages & Salaries | 0.8% | 1.1% | 3.4% | 2.9% | 2.5% | 4.7% |
| Benefit Costs | 1.1% | -0.3% | 2.7% | 2.9% | 4.6% | 6.8% |
