US employment cost Index at for Q3 1.1% versus 1.0% expectation

<ul><li>Prior quarter 1.0%</li><li>Employment cost index 1.1% versus 1.0% expected</li><li>Wages 1.2% versus 1.0% last quarter</li><li>Employment benefits 0.9% versus 0.9% last quarter</li></ul><p>Looking at the chart above, prior to Covid, the QoQ increases were below the 1.0% level. Since 2021, most of the increases have been above 1%.</p><p>Other details:</p><p>12-Month Period Ending in September 2023:</p><ul><li>Compensation costs for civilian workers increased by 4.3%.</li><li>Wages and salaries increased by 4.6%, down from 5.1% in the previous year.</li><li>Benefit costs rose by 4.1%, compared to a 4.9% increase in the previous year.</li></ul><p>Private Industry Workers:</p><ul><li>Compensation costs increased by 4.3% over the year.</li><li>Wages and salaries rose by 4.5%.</li><li>Benefit costs increased by 3.9% for the 12-month period ending in September 2023.</li><li>Inflation-adjusted compensation costs in the private sector increased by 0.6%.</li></ul><p>Private Industry Occupational Groups:</p><ul><li>Compensation cost increases ranged from 3.9% for production, transportation, and material moving occupations to 4.5% for service occupations.</li></ul><p>Industry Supersectors:</p><ul><li>Compensation cost increases ranged from 3.7% for manufacturing to 4.9% for education and health services and other services, except public administration.</li></ul><p>State and Local Government Workers:</p><ul><li>Compensation costs increased by 4.8% for the 12-month period ending in September 2023.</li><li>Wages and salaries rose by 4.8%.</li><li>Benefit costs increased by 4.7% over the year.</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.