Global| Apr 27 2012U.S. Employment Cost Index Increase Dips
by:Tom Moeller
|in:Economy in Brief
Summary
The employment cost index for private industry workers rose 0.4% in Q1 for total compensation versus a revised 0.5% Q4 rise, initially reported as 0.4%. The latest increase fell short of expectations for a 0.5% rise as compiled by [...]
The employment cost index for private industry workers rose 0.4% in
Q1 for total compensation versus a revised 0.5% Q4 rise,
initially reported as 0.4%. The latest increase fell short of expectations
for a 0.5% rise as compiled by Bloomberg. The four-quarter gain of 2.1%
remained near its highest since Q4'08.
Private sector wages & salaries picked up slightly to 0.5%, 1.9% y/y. Amongst industry groups, wages in the sales & office category rose a quickened 0.8% (2.5% y/y) but wages in production, transportation & materials were unchanged (2.0% y/y). Wages in the service sector rose 0.3% (1.3% y/y).
Benefit costs rose a lessened 0.3%, 2.8% y/y. Benefits amongst production workers fell 1.3% (+2.3% y/y) but within service occupations, they rose a still-firm 0.6% (2.3% y/y). Benefits of management professionals increased 0.4% and 3.0% y/y.
The employment cost index figures are available in Haver's USECON database.
| ECI - Private Industry Workers (%) | Q1'12 | Q4'11 | Q3'11 | Q1 Y/Y | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|
| Compensation | 0.4 | 0.5 | 0.4 | 2.1 | 2.2 | 1.9 | 1.5 |
| Wages & Salaries | 0.5 | 0.4 | 0.4 | 1.9 | 1.7 | 1.6 | 1.5 |
| Benefit Costs | 0.3 | 0.8 | 0.3 | 2.8 | 3.5 | 2.6 | 1.2 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
More Economy in Brief
