The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries. The Employment Cost Index is based on figures from December 2005. In the second quarter of 2024, the ECI came to 165.5, indicating an increase of labor costs of 0.9 percent.
Employment Cost Index for all employees in the United States from the second quarter of 2013 to the second quarter of 2024
The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries. The total compensation series includes changes in wages and salaries and in employer costs for employee benefits. Employer costs for employee benefits are collected for paid leave — vacations, holidays, sick leave, and personal leave; supplemental pay — premium pay for work in addition
to the regular work schedule (such as overtime, weekends,
and holidays) and for shift differentials, and nonproduction
bonuses (such as yearend, referral, and attendance bonuses); insurance benefits — life, health, short-term disability, and long-term disability insurance; retirement and savings benefits — defined benefits and defined contribution plans; and legally required benefits — Social Security, Medicare, Federal and State unemployment insurance, and workers’ compensation. Further information regarding the methodology of the ECI can be found here. Seasonal adjustment is a statistical method for removing the seasonal component of a time series used when analyzing non-seasonal trends.
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Bureau of Labor Statistics. (July 31, 2024). Employment Cost Index for all employees in the United States from the second quarter of 2013 to the second quarter of 2024 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/215652/employment-cost-index-in-the-us-by-quarter/
Bureau of Labor Statistics. "Employment Cost Index for all employees in the United States from the second quarter of 2013 to the second quarter of 2024." Chart. July 31, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/215652/employment-cost-index-in-the-us-by-quarter/
Bureau of Labor Statistics. (2024). Employment Cost Index for all employees in the United States from the second quarter of 2013 to the second quarter of 2024. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/215652/employment-cost-index-in-the-us-by-quarter/
Bureau of Labor Statistics. "Employment Cost Index for All Employees in The United States from The Second Quarter of 2013 to The Second Quarter of 2024." Statista, Statista Inc., 31 Jul 2024, https://www.statista.com/statistics/215652/employment-cost-index-in-the-us-by-quarter/
Bureau of Labor Statistics, Employment Cost Index for all employees in the United States from the second quarter of 2013 to the second quarter of 2024 Statista, https://www.statista.com/statistics/215652/employment-cost-index-in-the-us-by-quarter/ (last visited November 21, 2024)
Employment Cost Index for all employees in the United States from the second quarter of 2013 to the second quarter of 2024 [Graph], Bureau of Labor Statistics, July 31, 2024. [Online]. Available: https://www.statista.com/statistics/215652/employment-cost-index-in-the-us-by-quarter/
