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Compensation costs for private industry workers up 4.8 percent from March 2022 to March 2023

May 04, 2023

Total compensation costs for private industry workers increased 4.8 percent from March 2022 to March 2023. This increase reflects a 5.1-percent increase in wages and salaries and a 4.3-increase in benefit costs.

12-month percent change in employment costs for private industry workers, March 2013–March 2023
Month Total compensation Wages and salaries Total benefits

Mar 2013

1.9 1.7 2.0

Jun 2013

1.9 1.9 1.9

Sep 2013

1.9 1.8 2.0

Dec 2013

2.0 2.1 1.9

Mar 2014

1.7 1.7 1.8

Jun 2014

2.0 1.9 2.4

Sep 2014

2.3 2.3 2.3

Dec 2014

2.3 2.2 2.5

Mar 2015

2.8 2.8 2.6

Jun 2015

1.9 2.2 1.4

Sep 2015

1.9 2.1 1.4

Dec 2015

1.9 2.1 1.3

Mar 2016

1.8 2.0 1.2

Jun 2016

2.4 2.6 1.7

Sep 2016

2.3 2.4 1.8

Dec 2016

2.2 2.3 1.8

Mar 2017

2.3 2.6 1.9

Jun 2017

2.4 2.4 2.2

Sep 2017

2.5 2.6 2.4

Dec 2017

2.6 2.8 2.3

Mar 2018

2.8 2.9 2.5

Jun 2018

2.9 2.9 2.8

Sep 2018

2.9 3.1 2.5

Dec 2018

3.0 3.1 2.6

Mar 2019

2.8 3.0 2.4

Jun 2019

2.6 3.0 1.8

Sep 2019

2.7 3.0 2.0

Dec 2019

2.7 3.0 1.9

Mar 2020

2.8 3.3 1.6

Jun 2020

2.7 2.9 2.0

Sep 2020

2.4 2.7 2.0

Dec 2020

2.6 2.8 2.1

Mar 2021

2.8 3.0 2.5

Jun 2021

3.1 3.5 2.0

Sep 2021

4.1 4.6 2.6

Dec 2021

4.4 5.0 2.9

Mar 2022

4.8 5.0 4.1

Jun 2022

5.5 5.7 5.3

Sep 2022

5.2 5.2 5.0

Dec 2022

5.1 5.1 4.8

Mar 2023

4.8 5.1 4.3

From March 2022 to March 2023, total compensation costs for private industry workers in service occupations increased the most (6.0 percent). Their wages and salaries increased 6.4 percent while their benefit costs increased 4.9 percent. Total compensation costs for private industry workers in management, professional, and related occupations increased the least. Their total compensation costs increased 4.3 percent from March 2022 to March 2023 reflecting a 4.3-percent increase in wages and salaries and a 4.4-increase in benefit costs.

12-month percent change in employment costs for private industry workers by occupation, March 2023
Occupation Total compensation Wages and salaries Total benefits

Total

4.8 5.1 4.3

Service

6.0 6.4 4.9

Sales and office

5.7 6.0 4.9

Production, transportation, and material moving

4.5 5.1 3.4

Management, professional, and related

4.3 4.3 4.4

Natural resources, construction, and maintenance

4.3 4.8 3.2

These data are from the Employment Cost Index program. To learn more, see "Employment Cost Index — March 2023." We also have more charts on the Employment Cost Index. Total compensation costs are the sum of wages and salaries plus benefit costs.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Compensation costs for private industry workers up 4.8 percent from March 2022 to March 2023 at https://www.bls.gov/opub/ted/2023/compensation-costs-for-private-industry-workers-up-4-8-percent-from-march-2022-to-march-2023.htm (visited May 25, 2024).

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