Charting International Comparisons of Hourly Compensation Costs in Manufacturing, 2008

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Index of hourly compensation costs for all employees in manufacturing, 2008

Hourly compensation costs in 2008 were highest in Norway and lowest in the Philippines. The United States had hourly compensation costs of $32.26 per hour, higher than 17 economies in the BLS series.

Hourly compensation 2008

Source: Bureau of Labor Statistics, Division of International Labor Comparisons, International Comparisons of Hourly Compensation Costs in Manufacturing, 2008 (PDF), Tables 1 and 2.


Wages and benefits for all employees in manufacturing, 2008

Hourly compensation costs can be broken down into two components: wages and benefits. Wages include cash payments made regularly to workers each pay period. Benefits include all other payments made directly to employees, as well as the value of social contributions paid by employers to secure entitlements to future benefits for their employees. In 2008, wages were highest in Denmark ($36.27 per hour) and benefits were highest in Belgium ($23.30 per hour).

Wages and benefits, 2008

Source: Bureau of Labor Statistics, Division of International Labor Comparisons, International Comparisons of Hourly Compensation Costs in Manufacturing, 2008, Time Series Tables (HTML), Tables 1.2 and 3.2.


Percent change in hourly compensation costs (measured in national currencies and U.S. dollars) and exchange rates for all employees in manufacturing, 2007-2008

Hourly compensation in U.S. dollars depends on hourly compensation costs in national currency and the exchange rate (U.S. dollars per national currency). When changes in both the hourly compensation in the national currency and the exchange rates between the national currency and the U.S. dollar move in the same direction, the percentage changes in the compensation costs measured in U.S. dollars are larger. Such an increase occurred in Hungary; and a decrease occurred in Republic of Korea. In the United Kingdom, the depreciation in the national currency (the pound) was greater than the increase in hourly compensation costs, resulting in a decrease in hourly compensation costs when measured in U.S. dollars; the opposite was true for Mexico, which saw an increase in hourly compensation costs in U.S. dollars.

Percent changes in hourly compensation and exchange rates, 2008

Source: Bureau of Labor Statistics, Division of International Labor Comparisons, International Comparisons of Hourly Compensation Costs in Manufacturing, 2008 (PDF), Table A.


Annual percent change in hourly compensation costs for all employees in manufacturing,national currency vs. U.S. dollars, 2007-2008

When measured in U.S. dollars, several Eastern European economies—Poland, Slovakia, and the Czech Republic—experienced high annual percent changes in hourly compensation costs from 2007 to 2008. This was due to strong currency appreciation in those countries relative to the U.S. dollar. The currencies of all economies appreciated against the U.S. dollar in 2008 with the exception of Argentina, Mexico, New Zealand, the Republic of Korea, and the United Kingdom.

National currency vs US dollars, 2007-2008

Source: Bureau of Labor Statistics, Division of International Labor Comparisons, International Comparisons of Hourly Compensation Costs in Manufacturing, 2008 (PDF) ,Tables 3 and 4.


The Americas: Annual percent change in hourly compensation costs for all employees in manufacturing, 2007-2008 and 2000-2008 (measured in U.S. dollars)

Among the North and South American countries in the BLS series, Brazil experienced the highest average annual growth in hourly compensation from 2000 to 2008. Argentina showed the strongest growth in the most recent year.

Americas, 2007-2008 and 2000-2008

Source: Bureau of Labor Statistics, Division of International Labor Comparisons, International Comparisons of Hourly Compensation Costs in Manufacturing, 2008 (PDF), Table 3.


Europe: Annual percent change in hourly compensation costs for all employees in manufacturing, 2007-2008 and 2000-2008 (measured in U.S. dollars)

The Eastern European countries of Poland, Hungary, the Czech Republic, and Slovakia experienced the largest average annual percent change in hourly compensation costs over the 2000 to 2008 period. Elsewhere in Europe, growth over the 8-year period was still relatively high—over 5 percent annually—due to the appreciation of the Euro. From 2007 to 2008, all European countries had hourly compensation growth of 5 percent or more, except for the United Kingdom which showed a decrease in compensation costs due to the depreciation of the pound against the U.S. dollar.

Europe, 2007-2008 and 2000-2008

Source: Bureau of Labor Statistics, Division of International Labor Comparisons, International Comparisons of Hourly Compensation Costs in Manufacturing, 2008 (PDF) ,Table 3.


Asia and Oceania: Annual percent change in hourly compensation costs for all employees in manufacturing, 2007-2008 and 2000-2008 (measured in U.S. dollars)

From 2000 to 2008, Japan experienced low average annual growth rates in hourly compensation costs. In contrast, from 2007 to 2008, hourly compensation costs in Japan increased by more than 15 percent. The Republic of Korea also had double-digit changes in hourly compensation in the most recent period, although in the opposite direction. From 2007 to 2008, hourly compensation costs in the Republic of Korea decreased by more than 15 percent. Overall, during the 2000 to 2008 period, however, compensation growth in the Republic of Korea remained positive.

Asia and Oceania, 2007-2008 and 2000-2008

Source: Bureau of Labor Statistics, Division of International Labor Comparisons, International Comparisons of Hourly Compensation Costs in Manufacturing, 2008 (PDF) ,Table 3.


 

Last Modified Date: October 15, 2010