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Worker pay rate hits highest level since 2008

By MrMagic following x   2018 Jul 31, 7:36am 317 views   5 comments   watch   sfw   quote     share    

Compensation for workers rose to a nearly 10-year high in the second quarter as inflation pressures continued to percolate in the U.S. economy.

The employment cost index increased 0.6 percent for civilian workers in the three-month period ending in June, according to a Bureau of Labor Statistics release Tuesday. That brought the 12-month rate up to 2.8 percent, the highest level since 2.9 percent in the third quarter of 2008, amid the financial crisis and the Great Recession.

However, the ECI has been on a steady rise over the past year and a half. The index had struggled to stay above 2 percent for most of the period following the recession as the Federal Reserve kept interest rates low and inflation stayed well below historical norms.

The index draws from a sample of 27,200 observations of some 6,600 private businesses as well as 8,000 observations from 1,400 government offices.

Wages and salaries rose 0.5 percent for the quarter and 2.8 percent for the 12-month period, while benefits costs increased 0.9 percent and 2.9 percent, respectively.

Private industry compensation was up 2.9 percent, a substantial rise from the 2.4 percent recorded as of June 2017. Government compensation increased 2.3 percent for the period, which actually was a pullback from the 2.6 percent gain recorded in June 2017.

Industry-wise, sales and related jobs recorded a 3.5 percent gain while transportation and material moving rose 3.4 percent. Hospital work showed the smallest gain at 2.2 percent.


1   MrMagic   ignore (10)   2018 Jul 31, 7:38am   ↑ like (0)   ↓ dislike (0)   quote   flag        

I'm sure this is the best reason to impeach Trump to date, right Liberals?

If we only had data from Payscale.com, I'm sure they could disprove this report.
2   Tenpoundbass   ignore (13)   2018 Jul 31, 9:03am   ↑ like (1)   ↓ dislike (0)   quote   flag        

If this were a lie ADP would dispute it. 95% of every payroll check in America is cut by them.
3   HEYYOU   ignore (25)   2018 Jul 31, 9:10am   ↑ like (0)   ↓ dislike (0)   quote   flag        

I knew I could find this without help. ;-)
It being from the fubar govt., it must be 100% accurate.

4   HEYYOU   ignore (25)   2018 Jul 31, 9:12am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Isn't the BLS the cult that creates business birth/death rates out of thin air?
5   MrMagic   ignore (10)   2018 Jul 31, 9:54am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Worker pay and benefits climbing at fastest pace in 10 years, ECI finds.

The numbers: American workers are finally reaping the benefits of the lowest unemployment rate and best jobs market in decades: Wages and benefits are rising at the fastest pace in a decade.

More important, the cost of worker compensation in the form of pay and benefits edged up to 2.8% to mark the biggest yearly gain since mid-2008.

In other words, workers are making out better.

Employees in the private sector are faring better than those in government, the ECI data showed.

Big picture: Wages and compensation are going up because unemployment is way down. The jobless rate has tumbled to an 18-year low of 4% after the hiring of millions of people in the past eight years.


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