Workers' Benefits Still Rising At A Much Faster Pace Than Wages

Workers’ Benefits Still Rising At A Much Faster Pace Than Wages

The Bureau of Labor Statistics has just released its quarterly employment cost index report covering through September. The highlights:

Private industry workers’ compensation rose 0.4%. This is composed of a 0.4% increase in wages and salaries, and a 0.7% increase in workers’ benefits costs. In the prior quarter ending in June, private industry workers’ compensation rose 0.5%, with a 0.4% increase in wages and salaries and 0.6% increase in workers’ benefits costs.
State and local government workers’ compensation rose 0.3%. This is composed of a 0.2% increase in wage and salaries, and a 0.8% increase in workers’ benefits costs. In the prior quarter ending in June, state and local government workers’ compensation rose 0.5%, with a 0.3% increase in wages and salaries, and a 0.9% increase in workers’ benefits costs.