Employment Cost Index up 0.9% from March to June 2007
Total compensation costs for civilian workers increased a seasonally adjusted 0.9% from March to June 2007. This figure was in line with analyst’s expectations and ahead of last quarter’s increase of 0.8%. Wages and salaries rose 0.8%, a decrease from the previous figure of 1.1% Benefit costs rose 1.3% after remaining largely flat (+0.1%) in the previous three-month period.
Annual compensation costs for civilian workers rose 3.3% for the year ended June 2007, that’s above the 3.0% figure for the year ended June 2006. Wages and salaries drove the increase, as they rose 3.4% vs. a prior reading of 2.8%, while benefit costs remained level at 3.4%. State and local government benefits showed the biggest increase at 6.6% vs. a 5.5% prior reading.
http://www.bls.gov/ect
Gautham Nagesh for Need to Know News at Labor