Employment Costs Rise in Q3, But Show Signs of Slowing Wage Growth
-
Employment Cost Index rose 1.1% in Q3, exceeding expectations of 1.0% increase.
-
Wages and salaries were up 1.2%, benefit costs rose 0.9% from June 2023.
-
Compensation costs for civilian workers rose 4.3% for 12 months ended September 2023, slowing from 5.0% increase in September 2022.
-
Wages and salaries rose 4.6% for the year ended September 2023 vs 5.1% for the year ended September 2022.
-
Among private industry groups, compensation costs increases ranged from 3.9% for production/transportation to 4.5% for service occupations.