Global| Jan 28 2011U.S. Employment Cost Index Increases Y/Y
by:Tom Moeller
|in:Economy in Brief
Summary
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 [...]
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 |
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.
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