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Economy in Brief
U.S. Federal Government Budget Deficit Shrinks in July
The U.S. Treasury Department reported a federal budget deficit of $211.1 billion in July...
U.S. Mortgage Applications Rose Slightly in the Latest Week
Mortgage applications increased 0.2% (-62.9% y/y) from one week earlier...
U.S. Productivity Declines in Q2, Pushing Unit Labor Costs Higher
Nonfarm business sector productivity fell 4.6% (AR) during Q2'22...
U.S. Small Business Optimism Edged Up in July
The NFIB Small Business Optimism Index edged up to 89.9 in July...
U.S. Gasoline & Crude Oil Prices Continue Weakening
Retail gasoline prices declined to $4.04 per gallon (+27.3% y/y) last week...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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 quarters 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% |