Thursday , 7 November 2024
Home Forex US, Employment cost for Q3 0.8% versus 0.9% estimate
Forex

US, Employment cost for Q3 0.8% versus 0.9% estimate

  • Prior quarter 0.9%
  • employment cost index Q3 0.8% versus 0.9% estimae
  • employment wages QoQ 0.8% versus 0.9% last quarter
  • employment benefits 0.8% versus 1.0% last quarter

HIGHLIGHTS and DETAILS from the BLS

  • Civilian workers’ compensation costs rose by 0.8% (seasonally adjusted) from June to September 2024.
  • Over the 12-month period ending in September 2024, civilian workers’ compensation costs increased 3.9%, down from 4.3% in September 2023. (SLOWING)
  • Wages and salaries for civilian workers rose 3.9% over the past year, compared to a 4.6% increase in the previous year. (SLOWING)
  • Benefit costs for civilian workers rose 3.7% over the year, compared to 4.1% in September 2023. (SLOWING)
  • Private industry workers’ compensation costs increased 3.6% over the year, down from 4.3% in September 2023. (SLOWING)
  • Wages and salaries in private industry rose 3.8%, compared to 4.5% the prior year. (SLOWING)
  • Benefit costs in private industry rose 3.3% over the year, compared to 3.9% the previous year. (SLOWING)
  • Inflation-adjusted wages and salaries for private industry increased 1.2% over the past 12 months.

Comparing Union to non-union workers.

  • Union workers saw a 5.8% rise in compensation costs, while non-union workers saw a 3.4% increase over the year. (Strike impact?)
  • Wages for union workers increased 6.4%, compared to 3.6% for non-union workers.
  • Benefit costs rose 4.9% for union workers and 3.1% for non-union workers.

Government workers.

  • State and local government workers’ compensation costs increased 4.7% over the past year, slightly down from 4.8% in the previous year.
  • Wages and salaries for government workers rose 4.6%, and benefit costs increased 4.8% over the year.

Looking at the trends from the table above, the costs are moving lower QoQ and from a year ago as well.

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

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Japan yen intervention official closely watching market moves with high sense of urgency

Atsushi Mimura is Japan's vice finance minister for international affairs, AKA 'top...

Japan September wages data – real wages -0.1% y/y

Japan wages data shows that 'real' wages, ie after adjustment for inflating...

USD/CAD extends upside to near 1.3950, Fed rate decision in focus

The USD/CAD pair extends the rally to near 1.3940 during the early...

GBP/USD backslides in broad-market Greenback rally

GBP/USD tumbled back below the 1.2900 handle on Wednesday as markets splurged...