Employment costs rose 1.4 percent from December to March
April 30, 2003
Compensation costs for private sector workers rose sharply, 1.4 percent from December 2002 to March 2003 (seasonally adjusted), after rising 0.7 percent in the prior quarter.
Gains in private sector compensation costs were led by large increases in durable manufacturing; finance, insurance, and real estate; and wholesale trade.
Wages and salaries in the private sector increased by 1.0 percent, after posting moderate gains in the prior two quarters. Wage gains in the finance, insurance, and real estate and wholesale trade industries led the increase.
Benefit costs for private sector workers shot up 2.4 percent for the March quarter, significantly higher than all quarterly gains since March 2000.
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 2003" (PDF) (TXT), news release USDL 03-200.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Employment costs rose 1.4 percent from December to March on the Internet at https://www.bls.gov/opub/ted/2003/apr/wk4/art03.htm (visited January 27, 2021).
Recent editions of Spotlight on Statistics
- Occupational Employment and Wages in Metro and Nonmetro Areas
Examines similarities and differences in employment and wages between metro and nonmetro areas.
- Gulf War Era Veterans in the Labor Force
Examines the demographic, employment, and unemployment characteristics of civilians who served in the U.S. military during Gulf War era.
- Using BLS Data to Match People with Disabilities with Jobs Presents data that can help increase access and opportunity for people with disabilities in the nation’s labor market.
- How Women and Aging Affect Trends in Labor Force Growth Examines how women’s labor force participation and the aging of the U.S. population affect trends in labor force growth.