The U.S. Bureau of Labor Statistics released the compensation costs for U. S. civilian workers on Friday October 28th. Wages and salaries are up 0.3% or roughly 1/3rd of 1% for the month. This represents 70% of the total of the cost of maintaining employees. The remaining 30% of the cost comes from benefits and they rose 0.1% over the month.
On an annual basis, employment costs have risen 2.0% for the 12 months ending September 2011. This is compared to an annual inflation rate of 3.87% based on the Bureau of Labor Statistics CPI-U. This is the most widely used measure of inflation. So even though costs rose almost 3.9% wages only rose 2% leaving the average wage earner 1.87% worse off than last year. This of course is not as bad as the nearly 10 of the working population that is currently unemployed.
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