Compensation costs in private industry up 3.0 percent over the year

November 01, 2006

Compensation costs in private industry rose 3.0 percent in the year ended September 2006, compared with a 2.9-percent increase in September 2005.

12-month percent changes in Employment Cost Index, private industry, September 2001 - September 2006
[Chart data—TXT]

The components of compensation differed in their rates of change. While increases in wages and salaries became greater, the sharp increase in benefit costs seen for private industry workers over the past several years slowed to a more moderate pace.

For private industry workers, wages and salaries rose 3.0 percent in the year ended September 2006, up from 2.3 percent the previous year. Benefits costs were up 2.8 percent, slowing significantly from increases of 4.5 percent for the year ended September 2005 and 6.7 percent for the year ended September 2004.

These data are from the BLS Compensation Cost Trends program. For more information, see "Employment Cost Index – September 2006" (PDF) (TXT), news release USDL 06-1900.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Compensation costs in private industry up 3.0 percent over the year on the Internet at http://www.bls.gov/opub/ted/2006/oct/wk5/art03.htm (visited November 24, 2014).

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