Employment Cost Index 2010

It is essential for employers, investors and employees to know employment cost index in 2010. Employment cost index, ECI data, released by US Bureau of Labor Statistics (BLS), plays important role as economic indicators to determine changes in wages, bonuses and benefits from the previous quarter, displayed on a per-hour basis.

In fact, Employment Cost Index (ECI) is a quarterly report of compensation costs that is released in the final month of the quarter, with a cutoff date of payroll periods ending the twelfth of the month of the release. ECI can be basic formula to calculate compensation costs as representation of total cost for a company to produce a product or deliver a service in the marketplace.

For Federal Reserve, Employment cost index data is considered as lagging indicator to determine rising cost in economic food chain, including commodity costs, retail sales, gross domestic product with rate of changes on a year-over-year basis.

So what is employment cost index in 2010? According to news release from bls.gov, U.S. Bureau of Labor Statistics reported that compensation costs for civilian workers increased 0.5 percent, seasonally adjusted, for the 3-month period ending June 2010. This data means that wages and salaries (which make up about 70 percent of compensation costs) increased 0.4 percent while benefits (which make up the remaining 30 percent of compensation) increased 0.6 percent.

This employment cost index 2010 data means that Compensation costs for civilian workers increased 1.8 percent for the 12-month period ending June 2010. For private industry workers, it is increased 1.9 percent for the 12-month period ending June 2010. In addition, The Employment Cost Index for September 2010 is scheduled to be released on Friday, October 29, 2010, at 8:30 a.m. (EDT).

Source: investopedia.com

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