- Prior quarter 0.8%
- Employment cost index Q4 0.9% vs 0.9% estimate
- Employment cost YoY 3.8% for the quarter ending December 2024 vs 3.9% for year ending September 2024
- Benefits 0.8% vs 0.8% last quarter. YoY rose 3.6% for 2024 vs 3.8% in 2023
- Wages 0.9% vs 0.8% last quarter. YoY 3.8% vs 4.3% in 2023
Looking at some of the details:
Private Industry Workers:
- Compensation costs increased 3.6% (4.1% in Dec 2023).
- Wages and salaries increased 3.7% (4.3% in Dec 2023).
- Benefit costs increased 3.3% (3.6% in Dec 2023).
- Inflation-adjusted wages and salaries increased 0.8%.
Private Industry by Bargaining Status:
- Union workers: Compensation costs increased 5.1%, wages and salaries 5.5%, benefit costs 4.6%.
- Non-union workers: Compensation costs increased 3.4%, wages and salaries 3.5%, benefit costs 3.1%.
State and Local Government Workers:
- Compensation costs increased 4.7% (4.6% in Dec 2023).
- Wages and salaries increased 4.5% (4.7% in Dec 2023).
- Benefit costs increased 4.9% (4.6% in Dec 2023).
The YoY numbers are down from 2023 which is good with wages making a jump from 4.3% in 2023 to 3.8% in 2024.
Private vs Govt
Looking at the chart above, the government compensation YoY is steady, while the private compensation is trending lower. I would expect with DOGE looking to shrink the deficit, this chart will not sit right with the powers that be.
