October 31, 2024
The employment cost index for civilian workers climbed at a 3.1% annual rate in the third quarter after rising at a 3.7% pace in the second quarter. Over the course of the past year it has risen 3.9%.
The employment cost index peaked at 5.1% in the second half of 2022 and has been gradually slowing since. For what it is worth, the ECI grew 2.7% in the year just prior to the recession.
Wages climbed at a 3.7% annual rate in the second quarter after gaining 4.4% in the first quarter. Wages have risen 4.2% in the past year which continues the gradual downtrend in this series.
Benefits climbed at 3.9% pace in the second quarter after rising 4.4% in the first quarter. Over the past year benefits have risen 3.8%. The growth in benefits is edging its way lower.
Stephen Slifer
NumberNomics
Charleston, SC
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