[Economic Indicators March, 1998]
[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                                                                                                                              
                                                                                                                                                        
                                             -----------------------------------------------------------------------------------------------------------
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 
1995:Dec ...................................      126.7      123.1        135.9   .........  .........  ............        2.6        2.8          2.2 
1996:Dec....................................      130.6      127.3        138.6   .........  .........  ............        3.1        3.4          2.0 
1997:Dec....................................      135.1      132.3        141.8   .........  .........  ............        3.4        3.9          2.3 
                                             -----------------------------------------------------------------------------------------------------------
                                                                                                                                                        
(5)Seasonally adjusted                                                                                                                                  
(2)Not seasonally adjusted                                                                                                                              
                                                                                                                                                        
                                             -----------------------------------------------------------------------------------------------------------
1994:Mar....................................      120.8      117.1        130.3         0.8        0.5          1.1         3.3        2.9          4.4 
      June..................................      121.8      118.1        131.5          .8         .9           .9         3.4        3.1          3.9 
      Sept..................................      122.8      119.0        132.8          .8         .8          1.0         3.3        2.9          4.0 
      Dec...................................      123.6      119.8        133.5          .7         .7           .5         3.1        2.8          3.7 
                                                                                                                                                        
1995:Mar....................................      124.4      120.6        133.9          .6         .7           .3         2.9        2.9          2.9 
      June..................................      125.2      121.5        134.6          .6         .7           .5         2.8        2.9          2.6 
      Sept..................................      126.0      122.4        135.3          .6         .7           .5         2.6        2.8          2.1 
      Dec...................................      126.9      123.2        136.0          .7         .7           .5         2.6        2.8          2.2 
                                                                                                                                                        
1996:Mar....................................      127.7      124.4        136.0          .6        1.0          0           2.7        3.2          1.6 
      June..................................      128.8      125.5        137.0          .9         .9           .7         2.9        3.4          1.7 
      Sept..................................      129.7      126.4        137.7          .7         .7           .5         2.9        3.3          1.8 
      Dec...................................      130.6      127.4        138.7          .7         .8           .7         3.1        3.4          2.0 
                                                                                                                                                        
1997:Mar....................................      131.4      128.5        138.7          .6         .9          0           3.0        3.4          2.0 
      June..................................      132.5      129.7        139.7          .8         .9           .7         2.9        3.3          2.0 
      Sept..................................      133.6      130.9        140.4          .8         .9           .5         3.2        3.6          2.0 
      Dec...................................      135.2      132.5        141.9         1.2        1.2          1.1         3.4        3.9          2.3 
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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.