Potential Effects of the Events of September 11, 2001 on the Employment Cost Index

  • The events of September 11 occurred during the September reference period for the Employment Cost Index (ECI). The attacks resulted in a tragic loss of lives and significant disruptions in the New York and Washington area economies, as well as disruptions to other businesses outside these directly impacted areas. A review of the September survey responses to evaluate the impact of the situation on the ECI survey cooperation rates by industry and any impact of nonresponse on survey estimates found no unusual effects.
    • The review of the December survey responses also found no unusual effects on response rates or survey estimates. As indicated in the prior quarter, a review also was undertaken on the impact of the attacks on compensation costs and hours worked. It was not possible to separate the direct effects of the terrorist attacks from general compensation trends. Several industries, such as air transportation and hotels, have undoubtedly been affected by the decline in travel following September 11.
    • We plan no additional evaluations of the impact of September 11 on the ECI.

     

    Last Modified Date: January 31, 2002