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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Tom Moeller January 28, 2011
The employment cost index for private industry workers held at a 0.4%
increase in Q4 for total compensation. However, the four-quarter gain
improved moderately to 2.0%, its highest in two years.
Private sector wages & salaries continued
steady at 0.4% as the y/y gain ticked up to 1.6%. Among occupational groups,
wages of management and professional workers held steady at 0.4% (1.7% y/y)
while those of sales & office workers improved to 0.6% (1.9% y/y). In the
government sector, state & local workers saw wages grow an improved 0.5%
last quarter but the y/y gain of 1.2% was a record low.
Benefit costs grew a steady 0.4% last quarter but the four-quarter gain improved to 2.8%, more-than-double last year's increase. Modest, yearly improvement amongst industry groups was widespread including a 2.6% gain for sales & office workers, 3.3% for natural resource, construction & maintenance workers and 2.3% for those in service occupations. State & local government workers realized a diminished (and record low) 2.7% increase for the year.
The employment cost index figures are available in Haver's USECON database.
ECI - Private Industry Workers (%) | Q4 '10 | Q3 '10 | Q2 '10 | Q4 Y/Y | 2010 | 2009 | 2008 |
---|---|---|---|---|---|---|---|
Compensation | 0.4 | 0.4 | 0.5 | 2.0 | 1.8 | 1.5 | 2.8 |
Wages & Salaries | 0.4 | 0.4 | 0.5 | 1.7 | 1.6 | 1.5 | 3.0 |
Benefit Costs | 0.4 | 0.5 | 0.5 | 2.8 | 2.6 | 1.2 | 2.6 |