Park Community Credit Union - The Cost of Labor (You, in Other Words)

Employers are shelling out more for pay and benefits, as labor markets tighten and wages rise.

According to the government’s Bureau of Labor Statistics, compensation costs for civilian workers increased 0.5 percent, seasonally adjusted, for the 3-month period ending in June 2017.

Wages and salaries (which make up about 70 percent of compensation costs) increased 0.5 percent, and benefits (which make up the remaining 30 percent of compensation) increased 0.6 percent.

Compensation costs for private industry workers increased 2.4 percent over the year. In June 2016, the increase was the same. Wages and salaries increased 2.4 percent for the current 12-month period. In June 2016, the increase was 2.6 percent.

The cost of benefits rose 2.2 percent for the 12-month period ending in June 2017, higher than the 1.7 percent increase in June 2016.

Employer costs for health benefits increased 1.2 percent for the 12-month period ending in June 2017.

Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending in June 2017 ranged from 1.7 percent for sales and office occupations to 2.9 percent for service occupations.

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