Employment costs in private industry, March 2007
April 30, 2007
Compensation costs for private sector workers rose 0.6 percent from December 2006 to March 2007 (seasonally adjusted), compared to 0.8 percent for the prior quarter.
Wages and salaries increased 1.1 percent from December 2006 to March 2007, up from 0.8 percent in the previous quarter.
Benefit costs declined 0.3 percent in the quarter ended in March 2007, compared to a 0.9-percent increase the previous quarter. This decline was due primarily to lower employer contributions to defined benefit retirement plans, which was seen across industries and occupational groups.
Lower contributions may be due to several factors. For example, over the last couple of years, many employers have had to make additional payments to defined benefit funds to make up for lower than expected earnings from investments during the early part of the decade; if these payments are no longer required, current contributions would be lessened. Also, the recent improved performance of the stock market may have also been a factor, requiring employers to contribute less to retirement plans.
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—March 2007" (PDF) (TXT), news release USDL 07-0605.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Employment costs in private industry, March 2007 on the Internet at http://www.bls.gov/opub/ted/2007/apr/wk5/art01.htm (visited October 06, 2015).
Recent editions of Spotlight on Statistics
New estimates of personal taxes in Consumer Expenditure Survey
In 2013, the Consumer Expenditure Survey improved its personal tax data.
Trends in long-term unemployment
Long-term unemployment reached historically high levels following the recession of 2007–2009.
Housing: before, during, and after the Great Recession
looks at consumer expenditures on household items, employment in residential construction, prices for household items, and injuries in occupations involved in building and maintaining our homes.