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.

link

The article Employment Costs up 0.5% for Q2 originally appeared on Fool.com.

Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo.The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.