POLITICAL ECONOMY

US Bureau For Labour Statistics Releases Employment Cost Index – September 2020

629views

By Godson Umejiego, Correspondent USA

Compensation costs for civilian workers increased 0.5 per cent, seasonally adjusted, for the 3-month

period ending in September 2020, the US Bureau of Labor Statistics reported Friday. Wages and

salaries increased 0.4 per cent and benefit costs increased 0.6 per cent from June 2020.

Compensation costs for civilian workers increased 2.4 per cent for the 12-month period ending in

September 2020 and increased 2.8 per cent in September 2019. Wages and salaries increased 2.5 per cent over the year and increased 2.9 per cent for the 12-month period ending in September 2019. Benefit costs increased 2.3 per cent and also increased 2.3 per cent for the 12-month period ending in September 2019.

Compensation costs for private industry workers increased 2.4 per cent over the year. In September

2019, the increase was 2.7 per cent. Wages and salaries increased 2.7 per cent for the 12-month

period ending in September 2020 and increased 3.0 per cent in September 2019. The cost of

benefits rose 2.0 per cent for the 12-month period ending in September 2020 and also increased 2.0

per cent in September 2019.

Employer costs for health benefits increased 1.8 per cent for the 12-month period ending in September

2020.

Among private industry occupational groups, compensation cost increases for the 12-month period

ending in September 2020 ranged from 1.9 per cent for management, professional, and related

occupations to 3.7 per cent for service occupations. Within industry supersectors, compensation

cost increases ranged from 2.1 per cent for education and health services to 4.1 per cent for

leisure and hospitality.

Compensation costs for state and local government workers increased 2.3 per cent for the 12-month

period ending in September 2020, compared with an increase of 3.1 per cent in September 2019. Wages

and salaries increased 1.8 per cent for the 12-month period ending in September 2020 and 2.7 per cent

a year ago. Benefit costs increased 3.2 per cent for the 12-month period ending in September 2020.

The prior year increase was 3.5 per cent.

Coronavirus (COVID-19) Pandemic Impact on September 2020 Employment Cost Index

The Employment Cost Index (ECI) reference date was September 12, 2020. Response rates for September were comparable with prior releases, and no changes in estimation procedures were necessary https://www.bls.gov/covid19/effects-of-covid-19-on-workplace-

injuries-and-illnesses-compensation-and-occupational-requirements.

Leave a Response

bahis canlı casino siteleri canlı bahis siteleri