BLS: Compensation costs up 1.4% Dec 2021 to Mar 2022 and up 4.5% over the year ending Mar 2022

[mahatmakanejeeves]

Compensation costs up 1.4% Dec 2021 to Mar 2022 and up 4.5% over the year ending Mar 2022

Economic News Release USDL-22-0712
ECT XYZ Program Links
Employment Cost Index Summary
Transmission of material in this release is embargoed until 8:30 a.m. (ET) Friday, April 29, 2022

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EMPLOYMENT COST INDEX – March 2022

Compensation costs for civilian workers increased 1.4 percent, seasonally adjusted, for the 3-month period ending in March 2022, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.2 percent and benefit costs increased 1.8 percent from December 2021. (See tables A, 1, 2, and 3.)

Compensation costs for civilian workers increased 4.5 percent for the 12-month period ending in March 2022 and increased 2.6 percent in March 2021. Wages and salaries increased 4.7 percent for the 12-month period ending in March 2022 and increased 2.7 percent for the 12-month period ending in March 2021. Benefit costs increased 4.1 percent over the year and increased 2.5 percent for the 12-month period ending in March 2021. (See tables A, 4, 8, and 12.)

Compensation costs for private industry workers increased 4.8 percent over the year. In March 2021, the increase was 2.8 percent. Wages and salaries increased 5.0 percent for the 12-month period ending in March 2022 and increased 3.0 percent in March 2021. The cost of benefits increased 4.1 percent for the 12-month period ending in March 2022 and increased 2.5 percent in March 2021. Inflation-adjusted (constant dollar) private wages and salaries declined 3.3 percent for the 12 months ending March 2022. Inflation-adjusted benefit costs in the private sector declined 4.0 percent over that same period.
(See tables A, 5, 9, and 12.)

Among private industry occupational groups, compensation cost increases for the 12-month period ending in March 2022 ranged from 4.0 percent for natural resources, construction, and maintenance occupations to 7.8 percent for service occupations. (See table 5.)

Compensation costs for state and local government workers increased 3.2 percent for the 12-month period ending in March 2022, compared with an increase of 2.0 percent in March 2021. Wages and salaries increased 3.1 percent for the 12-month period ending in March 2022 and 1.6 percent a year ago. Benefit costs increased 3.5 percent for the 12-month period ending in March 2022. The prior year increase was 2.6 percent. (See tables A, 7, 11, and 12.)

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[progree]

1. Compensation costs up 4.5% over the year, and Minus 3.7% in inflation-adjusted dollars

for civilian workers. Source: same.

Kinda shows that worker compensation isn't driving inflation, its not even keeping up with it by a fairly sizable margin.

ETA- The minus 3.7% inflation adjusted compensation number is from the top-right number in Table A
https://www.bls.gov/news.release/eci.nr0.htm