Private sector wages increase by 2.9 percent
The US Department of Labor’s Bureau of Statistics released a report Friday saying the nation’s private industry workers’ salaries increased by 2.9 percent in the past 12 months. In addition, the bureau found workers’ compensation costs increased 2.8 percent in March, higher than last year’s findings.
From the April 26th, 2018 report:
Workers Compensation costs for private industry workers increased 2.8 percent over the year, a larger increase than the 2.3-percent increase in March 2017. Wages and salaries increased 2.9 percent for the current 12-month period and increased 2.6 percent in March 2017. The cost of benefits rose 2.5 percent for the 12-month period ending in March 2018 and increased 1.9 percent in March 2017. (See tables A, 5, 9, and 12.) Employer costs for health benefits increased 1.5 percent for the 12-month period ending in March 2018. (For further information, see www.bls.gov/web/eci/echealth.pdf.)
Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending in March 2018 ranged from 2.6 percent for both management, professional, and related occupations and natural resources, construction, and maintenance occupations to 3.3 percent for production, transportation, and material moving occupations. (See table 5.) Among industry supersectors, compensation cost increases for private industry workers for the 12-month period ending in March 2018 ranged from 2.3 percent for education and health services to 3.3 percent for financial activities. (See table 5.)