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Economy in Brief
PMIs Stabilize or Creep Higher After Drop-Off
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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...
by Tom Moeller January 31, 2013
The employment cost index for private industry workers rose 0.5% in Q4'12 versus an unrevised 0.4% Q3 rise. The latest increase in total compensation matched expectations as compiled by Bloomberg. The full-year rise of 1.9% was down from the 2012 increase of 2.2%.
The increase in private sector wages & salaries slipped to 0.3% (1.7% y/y). Amongst industry groups, wages in the financial industry rose 1.9% over the last four quarters, education & health services industries rose 1.7% y/y while professional & business services wages rose 2.0% y/y. Wages in leisure & hospitality industries rose an improved 1.1% y/y. State & local government workers saw a 1.1% rise in wages last year.
Benefit cost increases continued moderate and they rose 0.6% (2.0% y/y). Benefits amongst goods-producing workers rose 1.4% y/y but for service-producing industry workers they rose a lessened 2.6% y/y. State & local government sector workers realized an improved 3.4% four-quarter rise in benefits.
The employment cost index figures are available in Haver's USECON database.
| ECI- Private Industry Workers (%) | Q4'12 | Q3'12 | Q2'12 | Q4 Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Compensation | 0.5 | 0.4 | 0.5 | 1.9 | 1.9 | 2.2 | 1.9 |
| Wages & Salaries | 0.3 | 0.4 | 0.4 | 1.7 | 1.8 | 1.7 | 1.6 |
| Benefit Costs | 0.6 | 0.7 | 0.6 | 2.2 | 2.4 | 3.4 | 2.6 |
