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Employment costs up 0.8 percent from March to June

August 01, 2003

Compensation costs for private sector workers rose 0.8 percent from March to June (seasonally adjusted), after jumping 1.4 percent in the prior quarter.

3-month percent changes in Employment Cost Index, private industry workers, seasonally adjusted, September 2001-June 2003
[Chart data—TXT]

Gains in private sector compensation costs were led by large increases in nondurable manufacturing; transportation and public utilities; and construction. Private sector compensation gains were dampened by retail trade and wholesale trade.

Gains in wages and salaries moderated during the quarter, increasing 0.6 percent following a 1.0 percent rise in the March quarter. Wages and salaries were slowed by wholesale and retail trade, and service workers.

Benefit costs rose by 1.3 percent for the June quarter, slowing significantly from the 2.4 percent gain of the previous quarter.

These data are from the BLS Compensation Cost Trends program. Compensation costs (also known as employment costs) include wages, salaries, and employer costs for employee benefits. Data are subject to revision. Learn more in "Employment Cost Index—June 2003" (PDF) (TXT), news release USDL 03-402.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Employment costs up 0.8 percent from March to June at https://www.bls.gov/opub/ted/2003/jul/wk4/art05.htm (visited September 09, 2024).

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