Employment Costs up 0.5% for Q2
Employment costs increased a seasonally adjusted 0.5% for the second quarter of 2013, according to a Labor Department report (link opens as PDF) released today.
After rising a revised 0.4% for Q1, economist had expected another 0.4% increase for Q2 2013.
Source: Labor Department.
Both wages/salaries and benefits rose 0.4% the most recent quarter, registering a slight slowing from Q1's 0.5% and 0.6% respective gains.
While compensation costs increased an average 1.9% for civilian and private workers over the last 12 months, costs haven't been spread equally. Leisure and hospitality costs are up just 0.8%, while other services (excluding public administration) have recorded 2.5% increases.
Services occupations have seen an average 1.6% uptick in costs, while management, professional, and related occupations currently cost 2% more than a year ago. State and local governments have kept wages and salaries at just 1% annual growth, but benefit costs are up 3.3% for the same period.
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