Employment Cost Index Report: September 2022

Employment Cost Index Report: September 2022

Employment Cost Index Report: September 2022 550 210 Morris County Economic Development Corporation (MCEDC)

 

Employment Cost Index Report: September 2022

 

Compensation costs for civilian workers increased 1.2 percent, seasonally adjusted, for the 3-month period ending in September 2022, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.3 percent and benefit costs increased 1.0 percent from June 2022. (See chart 1 and tables A, 1, 2, and 3.)

Employment Cost Index – September 2022

Compensation costs for civilian workers increased 5.0 percent for the 12-month period ending in September 2022 and increased 3.7 percent in September 2021. Wages and salaries increased 5.1 percent for the 12-month period ending in September 2022 and increased 4.2 percent for the 12-month period ending in September 2021. Benefit costs increased 4.9 percent over the year and increased 2.5 percent for the 12-month period ending in September 2021. (See chart 2 and tables A, 4, 8, and 12.)

Compensation costs for private industry workers increased 5.2 percent over the year. In September 2021, the increase was 4.1 percent. Wages and salaries increased 5.2 percent for the 12-month period ending in September 2022 and increased 4.6 percent in September 2021. The cost of benefits increased 5.0 percent for the 12-month period ending in September 2022 and increased 2.6 percent in September 2021. Inflation-adjusted (constant dollar) private wages and salaries declined 2.7 percent for the 12 months ending September 2022. Inflation-adjusted benefit costs in the private sector declined 3.0 percent over that same period. (See charts 3, 4, and tables A, 5, 9, and 12.)

Article Courtesy of the Bureau of Labor Statistics

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