The Employment Cost Index for the 3-month period ending in March jumped  1.2 percent for civilian workers and 1.1 percent for government workers. 

Over the year, total compensation rose 4.8 percent, wages and salaries rose 5.0 percent, and benefit costs rose 4.5 percent.

Key Points 

• Compensation costs for civilian workers increased 4.8 percent for the 12-month period ending in March 2023 and increased 4.5 percent in March 2022. 
• Wages and salaries increased 5.0 percent for the 12-month period ending in March 2023 and increased 4.7 percent for the 12-month period ending in March 2022. 
• Benefit costs increased 4.5 percent over the year and increased 4.1 percent for the 12-month period ending in March 2022. 
• Compensation costs for private industry workers increased 4.8 percent over the year. 
• Wages and salaries increased 5.1 percent for the 12-month period ending in March 2023 and increased 5.0 percent in March 2022. 
• The cost of benefits increased 4.3 percent for the 12-month period ending in March 2023 and increased 4.1 percent in March 2022. 
• Inflation-adjusted (constant dollar) private wages and salaries increased 0.1 percent for the 12 months ending March 2023.
• Inflation-adjusted benefit costs in the private sector declined 0.6 percent over that same period. 

Workers Losing to Inflation

(Click on image to enlarge)

Compensation is up but real (inflation-adjusted) compensation is down.

The Inflation Reduction Act Price Jumps From $385 Billion to Over $1 Trillion

In case you missed it, please note The Inflation Reduction Act Price Jumps From $385 Billion to Over $1 Trillion

Penn Wharton revised its estimate of the cost of the inflation reduction act significantly higher based on Biden's actual implementation of the deal.

More By This Author: