Recent Updates

  • Euro area: Flash Consumer Confidence (Apr)
  • Ireland: Producer & Wholesale Price Indexes (Mar)
  • UK: Capital Issuance (Mar)
  • Spain: Trade in Constant Prices, Trade in Goods (Feb)
  • Germany: Federal Budget, PPI, Monthly Tax Revenue (Mar), Short-term Indicator (Feb), Public Sector Finance (Q4)
  • Colombia: Imports (Feb); Brazil: IPCA-15 (Apr)
  • Turkey: Non-Domestic PPI, House Sales, Central Government and Domestic Debt by Instrument, External Debt by Lender, Domestic
  • more updates...

Economy in Brief

U.S. Employment Cost Index Slows in Q1
by Carol Stone  April 30, 2014

The employment cost index for private industry workers increased 0.3% (1.8% y/y) in Q1'14, following a 0.5% rise in Q4. This was the smallest quarterly increase in almost five years. This report includes annual seasonal adjustment revisions back to 2009.

Wages & salaries of private industry workers rose just 0.2% (1.7% y/y) last quarter, slowing from 0.5% in Q4. Financial activities workers wages rose 0.4% in Q1 (2.5% y/y) after their larger gain of 0.8% in Q4. Retail trade workers had no change in wages (+1.6% y/y) after their outsized 0.8% raise in Q4. Manufacturing sector workers' wages rose 0.4% (2.0% y/y) and education & health care workers had a 0.2% rise (1.7% y/y) in pay. Workers in the information sector saw some recovery in their wages in Q1, 0.4% (1.1% y/y), after a fall of 0.2% in Q4.

Benefit costs increased 0.3% (1.8% y/y). Factory sector benefits gained 0.9% (2.0% y/y). Service occupations workers saw a 0.5% decrease (0.9% y/y) in benefits while production, transportation & materials moving workers also saw 0.5% growth (1.3% y/y). Management & professional workers had just a 0.1% increase (1.9% y/y).

Total compensation for state & local government workers rose 0.5% (1.9% y/y), down from 0.7% in Q4. That reflected a 0.5% rise in Q1 (2.3% y/y) for public administration workers, a 0.5% gain (1.7% y/y) in education and a 0.3% decline (+1.5% y/y) for health care & social services.

The employment cost index figures are available in Haver's USECON database. Consensus estimates come from the Action Economics survey, carried in Haver's AS1REPNA database. 

ECI- Private Industry Workers (%) Q1'14 Q4'13 Q3'13 Q4 Y/Y 2013 2012 2011
Compensation 0.3 0.5 0.5 1.8 1.9 2.0 2.1
 Wages & Salaries 0.2 0.5 0.4 1.7 1.9 1.8 1.6
 Benefit Costs 0.3 0.4 0.6 1.8 1.9 2.2 3.5
close
large image