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Compensation costs for civilian workers rose 0.9 percent (seasonally adjusted) for the quarter ending in December 2023, the U.S. Bureau of Labor Statistics has reported.
Wages and salaries increased 0.9 percent and benefit costs increased 0.7 percent since September 2023.
Compensation costs for civilian workers rose 4.2 percent for the 12-month period ended in December 2023 and increased 5.1 percent in December 2022. Wages and salaries spiked 4.3 percent for the 12-month period ended in December 2023 and increased 5.1 percent for the 12-month period ended in December 2022, the press release said.
Benefit costs increased 3.8 percent over the year and increased 4.9 percent for the 12-month period ending in December 2022.
Compensation costs for private industry workers increased 4.1 percent over the year. In December 2022, the increase was 5.1 percent. Wages and salaries increased 4.3 percent for the 12-month period ending in December 2023 and increased 5.1 percent in December 2022. The cost of benefits increased 3.6 percent for the 12-month period ending in December 2023 and increased 4.8 percent in December 2022. Inflation-adjusted (constant dollar) compensation costs for private industry increased 0.7 percent for the 12-month period ending in December 2023.Inflation-adjusted wages and salaries increased 0.9 percent for the 12 months ending December 2023. Inflation-adjusted benefit costs in the private sector increased 0.2 percent over that same period.
Within the private industry, compensation costs increased 4.5 percent for union workers and 4.0 percent for non-union workers for the 12-month period ending in December 2023. Wages and salaries increased 5.4 percent for union workers and 4.2 percent for non-union workers for the 12-month period ending in December 2023.
Read full BLS press release here.