Employment-cost index shows modest pay and benefit rises
The numbers: Pay and benefits for American workers rose at a brisk pace in the first three months of 2019, fresh government figures showed, but they still growing less than 3% a year and not rising fast enough to stoke much inflation.
The employment cost index climb ed 0.7% in the first quarter, the government said Monday, matching the MarketWatch forecast of economists. The ECI reflects how much companies, governments and nonprofit institutions pay employees in wages and benefits. The increase in compensation slipped to 2.8% in the first quarter from a 10-year high of 2.9% in the final three months of 2018.Benefits also rose 0.7%. They make up the rest of worker compensation.Among different workers, increases in compensation ranged from 2.2% for those in manufacturing to 4.8% for employees in information services such as media, public relations and entertainment.
Compensation for government workers increased 3% in the past 12 months, a touch better compared to private-sector employees. More of the increase was tied to higher benefits instead of wages, however.Big picture: The lowest unemployment rate and fewest layoffs in a decade has spawned a labor market so tight that companies have to offer better pay and benefits to retain or attract employees.
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