Compensation costs in private industry up 2.4 percent in 2008

February 02, 2009

In private industry, compensation costs rose 2.4 percent in the year ended December 2008, less than the increase for the year ended December 2007, which was 3.0 percent.

12-month percent changes in Employment Cost Index, private industry, December 2003-December 2008
[Chart data—TXT]

Private industry wages and salaries increased 2.6 percent in December 2008. In December 2007, the increase was 3.3 percent.

In private industry, benefit costs increased 2.0 percent. For the year ended December 2007, the increase in benefit costs was 2.4 percent.

These data are from the BLS Employment Cost Trends program. Compensation costs (also known as employment costs) include wages, salaries, and employer costs for employee benefits. For more information, see "Employment Cost Index—December 2008" (PDF) (HTML), news release USDL 09-0096.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Compensation costs in private industry up 2.4 percent in 2008 on the Internet at http://www.bls.gov/opub/ted/2009/feb/wk1/art01.htm (visited December 22, 2014).