• Prior quarter 1.1%
• employment cost index for Q4 0.9% vs 1.0% expected. Lowest since the 2nd quarter of 2021.
• Wages Q4 0.9% vs 1.2% last quarter
• Benefits Q4 0.7% vs 0.9% last quarter

Down across the board is good news for inflation. However, pre-covid the data was mostly below the 1.0% level. So although lower, it is still near the highs of pre-Covid levels.

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Summary of Compensation Costs Trends

Overall Civilian Workers Compensation (3-month and 12-month Period Ending December 2023)

• 3-month Period: Compensation costs increased by 0.9%, with wages and salaries up 0.9% and benefit costs up 0.7% from September 2023.
• 12-month Period: Compensation costs rose 4.2% (down from 5.1% in December 2022). Wages and salaries increased by 4.3% (down from 5.1%), and benefit costs went up by 3.8% (down from 4.9%). Trend is lower

Private Industry Workers Compensation (12-month Period Ending December 2023)

• Overall Increase: 4.1% (down from 5.1% in December 2022). Wages and salaries up 4.3% (consistent with December 2022), benefit costs up 3.6% (down from 4.8%). Trend is lower in private sector.
• Inflation-Adjusted Compensation: Overall compensation up 0.7%, wages and salaries up 0.9%, benefit costs up 0.2%.

Union vs. Non-Union Workers Compensation (12-month Period Ending December 2023)

• Union Workers: Compensation costs increased by 4.5%, with wages and salaries up 5.4% and benefit costs up 3.4%.
• Non-Union Workers: Compensation costs up 4.0%, wages and salaries up 4.2%, and benefit costs up 3.6%.

State and Local Government Workers Compensation (12-month Period Ending December 2023)

• Compensation costs increased by 4.6% (down from 4.8% in December 2022), with wages and salaries up 4.7% (steady from the previous year) and benefit costs also up 4.6% (down from 5.0%).

This summary outlines key trends in compensation costs across different sectors, highlighting overall growth rates, comparisons with previous periods, and distinctions between union and non-union workers, as well as between private industry and government sectors.

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• Source: https://www.forexlive.com/news/us-employment-index-for-q4-09-vs-10-expectations-20240131/