Employment Costs Slow In Fourth Quarter 2003

Jan. 13, 2005
By John S. McClenahen Total compensation costs for civilian workers in the U.S. increased at a seasonally adjusted rate of 0.7% during the final quarter of 2003, three-tenths of a percentage point less than the 1% rate recorded during the third quarter ...
ByJohn S. McClenahen Total compensation costs for civilian workers in the U.S. increased at a seasonally adjusted rate of 0.7% during the final quarter of 2003, three-tenths of a percentage point less than the 1% rate recorded during the third quarter of last year, the U.S. Labor Department reported on Jan. 29. The compensation cost change for private industry during the fourth quarter last year was 0.7%, the same rate as that for all civilian workers. For both private industry and the total civilian workforce, benefit costs increased 1.2% during the fourth quarter, more than double the 0.5% rate for wages and salaries. Among manufacturers, total compensation costs rose 0.5% during the fourth quarter, as wage and salary costs increased 0.3% and benefit costs advanced 0.8%. In comparison, during the third quarter of 2003, total compensation costs for manufacturers rose 0.8%, as wage and salary costs increased 0.4% and benefit costs rose 1.6%.

Popular Sponsored Recommendations

Navigate Complex Cybersecurity Requirements With Purpose-Built Technology Solutions

Dec. 6, 2023
The CMMC represents a critical mandate from the U.S. DOD. Aerospace & Defense manufacturers that handle controlled unclassified information (CUI) must comply with CMMC requirements...

Gain a competitive edge with real-world lessons on private 5G networks

Nov. 16, 2023
The use of private networks in manufacturing applications is rapidly growing. In this paper, we present valuable insights and lessons learned from the field with the goal of enhancing...

Goodridge Boosts Productivity & Saves Costs by Moving to the Cloud!

Dec. 4, 2023
With Infor's cloud solutions, Goodridge has been able to greatly increase overall productivity, cost savings, data visibility, and automation. This case study discusses the many...

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!