Employment Cost Up 0.8%
The third quarter seasonally adjusted increase is lower compared to the second quarter’s increase of 1.0%. For the year ended September 2002 the ECI is up 3.7%.
Components of the ECI also rose. Wages and salaries increased 0.5%, a slowdown compared with the 1.0% increase seen in the second quarter. Benefits costs, such as health insurance, outpaced the gains in wages and salaries, increasing by 1.4% compared with the 1.3% increase seen in the second quarter.
The ECI is a component of the National Compensation Survey and measures changes in compensation costs, which include wages, salaries, and employer costs for employee benefits.
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