The BLS Employment Compensation Index shows a surge in wages and benefits for the third quarter of 2018.
- Compensation costs for civilian workers increased 0.8 percent, seasonally adjusted, for the 3-month period ending in September 2018.
- Wages and salaries (which make up about 70 percent of compensation costs) increased 0.9 percent.
- Benefit costs (which make up the remaining 30 percent of compensation) increased 0.4 percent from June 2018.
Civilian Workers
- Compensation costs for civilian workers increased 2.8 percent for the 12-month period ending in September 2018 compared with a compensation costs increase of 2.5 percent in September 2017.
- Wages and salaries increased 2.9 percent for the 12-month period ending in September 2018 and increased 2.5 percent for the 12-month period ending in September 2017.
- Benefit costs increased 2.6 percent for the 12-month period ending in September 2018. In September 2017, the increase was 2.4 percent.
Civilian Workers
- Compensation costs for civilian workers increased 2.8 percent for the 12-month period ending in September 2018 compared with a compensation costs increase of 2.5 percent in September 2017.
- Wages and salaries increased 2.9 percent for the 12-month period ending in September 2018 and increased 2.5 percent for the 12-month period ending in September 2017.
- Benefit costs increased 2.6 percent for the 12-month period ending in September 2018. In September 2017, the increase was 2.4 percent.
Private Industry Workers
- Compensation costs for private industry workers increased 2.9 percent over the year and increased 2.5 percent in September 2017.
- Wages and salaries increased 3.1 percent for the 12-month period ending in September 2018 and increased 2.6 percent in September 2017.
- The cost of benefits rose 2.5 percent for the 12-month period ending in September 2018 and increased 2.4 percent in September 2017.
Private Industry Workers
- Compensation costs for private industry workers increased 2.9 percent over the year and increased 2.5 percent in September 2017.
- Wages and salaries increased 3.1 percent for the 12-month period ending in September 2018 and increased 2.6 percent in September 2017.
- The cost of benefits rose 2.5 percent for the 12-month period ending in September 2018 and increased 2.4 percent in September 2017.
Mike “Mish” Shedlock
