Compensation costs for civilian workers (seasonally adjusted) rose 1.2% in the third quarter, after increasing 1.3% in Q2, according to the latest report from the U.S. Bureau of Labor Statistics. Wages and salaries went up 1.3% in Q3 and benefits costs rose 1.0% (down from 1.4% and 1.2%, respectively, in Q2).
In the 12 months ending September 2022, compensation costs have gone up 5.0%, wages and salaries jumped 5.1%, and benefits costs increased 4.9%. These increases are well above those of the previous 12-month period ending September 2021 (3.7%, 4.2%, and 2.5%, respectively), but down slightly from the period ending June 2022 (5.1%, 5.3%, and 4.8%, respectively).
Private industry compensation was up 1.1% in Q3 (down from 1.5% in Q2), while state and local government compensation increased 1.9% (up from 0.8%).
Over the last year, private industry wages went up 5.2% (up from 4.1% for the period ending September 2021), with industry increases ranging from 4.3% (natural resources, construction, and maintenance occupations and management, professional, and related occupations) to 7.7% (service occupations).
State and local government employees had a 4.6% increase in compensation costs over the last 12 months (up from 3.4% for the period ending in June 2022 and 2.3% for the period ending September 2021).
