[Economic Indicators July, 1995]
[Page Number 15]
[From the U.S. Government Publishing Office, www.gpo.gov]


EMPLOYMENT COST INDEX--PRIVATE INDUSTRY

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                                                    Index (June 1989 = 100)                                 Percent change from                         
                                             -----------------------------------------------------------------------------------------------------------
                                                                                           3 months earlier                    12 months earlier        
                   Period                       Total                            -----------------------------------------------------------------------
                                              compensa-  Wages and   Benefits\1\    Total                               Total                           
                                                 tion     salaries                compensa-  Wages and   Benefits\1\  compensa-  Wages and   Benefits\1\
                                                                                     tion     salaries                   tion     salaries              
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(8)Not seasonally adjusted                                                                                                                              
                                                                                                                                                        
                                             -----------------------------------------------------------------------------------------------------------
1985:Dec....................................       87.3       88.3         84.6   .........  .........  ............        3.9        4.1          3.5 
1986:Dec....................................       90.1       91.1         87.5   .........  .........  ............        3.2        3.2          3.4 
1987:Dec....................................       93.1       94.1         90.5   .........  .........  ............        3.3        3.3          3.4 
1988:Dec....................................       97.6       98.0         96.7   .........  .........  ............        4.8        4.1          6.9 
1989:Dec....................................      102.3      102.0        102.6   .........  .........  ............        4.8        4.1          6.1 
1990:Dec....................................      107.0      106.1        109.4   .........  .........  ............        4.6        4.0          6.6 
1991:Dec....................................      111.7      110.0        116.2   .........  .........  ............        4.4        3.7          6.2 
1992:Dec....................................      115.6      112.9        122.2   .........  .........  ............        3.5        2.6          5.2 
1993:Dec....................................      119.8      116.4        128.3   .........  .........  ............        3.6        3.1          5.0 
1994:Dec....................................      123.5      119.7        133.0   .........  .........  ............        3.1        2.8          3.7 
                                             -----------------------------------------------------------------------------------------------------------
                                                                                                                                                        
(5)Seasonally adjusted                                                                                                                                  
(2)Not seasonally adjusted                                                                                                                              
                                                                                                                                                        
                                             -----------------------------------------------------------------------------------------------------------
1993:Mar....................................      116.9      113.9        124.8         1.0        0.8          1.5         3.5        2.7          5.6 
      June..................................      117.9      114.6        126.5          .9         .6          1.4         3.6        2.7          5.8 
      Sept..................................      118.9      115.6        127.7          .8         .9           .9         3.7        3.1          5.4 
      Dec...................................      119.9      116.4        129.1          .8         .7          1.1         3.6        3.1          5.0 
                                                                                                                                                        
1994:Mar....................................      120.8      117.3        130.2          .8         .8           .9         3.3        2.9          4.4 
      June..................................      121.8      118.3        131.5          .8         .9          1.0         3.4        3.1          3.9 
      Sept..................................      122.8      119.1        132.8          .8         .7          1.0         3.3        2.9          4.0 
      Dec...................................      123.6      119.8        133.8          .7         .6           .8         3.1        2.8          3.7 
                                                                                                                                                        
1995:Mar....................................      124.3      120.6        134.0          .6         .7           .1         2.9        2.9          2.9 
      June..................................      125.2      121.5        134.7          .7         .7           .5         2.8        2.9          2.6 
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    \1\Employer costs for employee 
benefits.

    Note.--The employment cost index 
is a measure of the change in the 
cost of labor, free from the 
influence of employment shifts among 
occupations and industries.
    Data exclude farm and household 
workers.

    Source: Department of Labor, 
    Bureau of Labor Statistics.