The U.S. Bureau of Labor Statistics (BLS) released their quarterly report today on the status of “Compensation Costs” i.e. how much employers are having to pay employees. Wages and salaries
are considered to make up about 70 percent of compensation costs, while benefits make up the remaining 30 percent of compensation.
Over the most recent quarter (3 months) on a seasonally adjusted basis wages and salaries for civilian workers increased ½% while benefits increased slightly more at 0.6%. Over the last 12 months compensation costs for civilian workers increased 2.4 percent.
According to the BLS’ definition Civilian Workers includes both private industry workers and state and local government workers.
Private Industry Workers
As of the end of June 2017, compensation costs for private industry workers increased 2.4 percent over the year this was the same increase as the 12 months ending in June 2016. However, [Read more…] about Employers Compensation Costs Increase