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Compensation costs for private industry workers up 3.9 percent from June 2023 to June 2024
August 07, 2024
Compensation costs for private industry workers increased 3.9 percent from June 2023 to June 2024. This compares to increases of 4.5 percent for the 12 months ended in June 2023 and 5.5 percent for the 12 months ended in June 2022. Wages and salaries rose 4.1 percent from June 2023 to June 2024, while total benefits rose 3.5 percent.
12-month percent change in employment costs for private industry workers, June 2014–June 2024
Month
Total compensation
Wages and salaries
Total benefits
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
Jun 2023
4.5
4.6
3.9
Sep 2023
4.3
4.5
3.9
Dec 2023
4.1
4.3
3.6
Mar 2024
4.1
4.3
3.6
Jun 2024
3.9
4.1
3.5
Within private industry, other services, except public administration had the largest increase in wages and salaries, at 5.2 percent. Increases also occurred in professional and business services (4.5 percent), education and health services (4.5 percent), and trade, transportation, and utilities (4.4 percent).
12-month percent change in wages and salaries for private industry workers, by industry, June 2024
Industry
12-month percent change
All industries
4.1
Construction
2.7
Manufacturing
3.9
Trade, transportation, and utilities
4.4
Information
2.1
Financial activities
2.9
Professional and business services
4.5
Education and health services
4.5
Leisure and hospitality
3.7
Other services, except public administration
5.2
From June 2023 to June 2024, the following industries had wages and salaries increases of less than 3.0 percent: financial activities (2.9 percent), construction (2.7 percent), and information (2.1 percent).
United States Department of Labor
