Employment Cost Index, 12-monthNot seasonally adjusted
U.S. Bureau of Labor Statistics · quarterly · 102 observations
35th highest of 102 quarters since Q1 2001 (tied with 2 quarters; BLS series CIU1010000000000A, begins 2001); lowest since Q2 2021 (tied with Q4 2025, Q1 2026).
±0.0 pp vs prior quarter−0.2 pp vs a year earlier
Source: U.S. Bureau of Labor Statistics
About this series
What it measures
The 12-month percent change in employers' hourly cost for wages, salaries and benefits for civilian workers (private industry plus state and local government), not seasonally adjusted. The Bureau of Labor Statistics publishes the Employment Cost Index quarterly, for the pay period including the 12th of March, June, September and December. It holds the mix of occupations and industries fixed.
Why it matters
It uses a fixed mix of jobs; unlike average hourly earnings, it is not affected by workers shifting between higher- and lower-paying occupations and industries.
Common misreads
It measures employer costs, including benefits, not take-home pay, and it is not adjusted for inflation. It excludes federal government, military and farm workers and the self-employed. It is quarterly, so it is not a real-time measure.