[Economic Indicators July, 2004]
[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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                                                                                        Not seasonally adjusted
 
                                             -----------------------------------------------------------------------------------------------------------
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
1998:Dec....................................      139.8      137.4        145.2   .........  .........  ............        3.5        3.9          2.4
1999:Dec....................................      144.6      142.2        150.2   .........  .........  ............        3.4        3.5          3.4
2000:Dec....................................      150.9      147.7        158.6   .........  .........  ............        4.4        3.9          5.6
2001:Dec....................................      157.2      153.3        166.7   .........  .........  ............        4.2        3.8          5.1
2002:Dec....................................      162.3      157.5        174.6   .........  .........  ............        3.2        2.7          4.7
2003:Dec....................................      168.8      162.3        185.8   .........  .........         D4.0         3.0        6.4
                                             -----------------------------------------------------------------------------------------------------------
                                                                        Seasonally adjusted
                                                    Not seasonally adjusted
 
                                             -----------------------------------------------------------------------------------------------------------
2000:Sept ..................................      149.8      146.7        157.0         1.1        0.9          1.2         4.6        4.1          6.0
      Dec ..................................      151.1      147.9        158.9          .9         .8          1.2         4.4        3.9          5.6
 
2001:Mar ...................................      152.7      149.4        160.7         1.1        1.0          1.1         4.2        3.8          5.0
      June .................................      154.2      150.8        162.5         1.0         .9          1.1         4.0        3.8          4.8
      Sept .................................      155.7      152.0        164.7         1.0         .8          1.4         4.0        3.6          4.9
      Dec ..................................      157.4      153.5        167.0         1.1        1.0          1.4         4.2        3.8          5.1
 
2002:Mar ...................................      158.8      154.8        168.4          .9         .8           .8         3.9        3.5          4.8
      June .................................      160.5      156.2        170.8         1.1         .9          1.4         4.0        3.6          5.1
      Sept .................................      161.5      156.9        172.6          .6         .4          1.1         3.7        3.2          4.8
      Dec ..................................      162.8      157.7        175.0          .8         .5          1.4         3.2        2.7          4.7
 
2003:Mar ...................................      165.0      159.3        178.6         1.4        1.0          2.1         3.8        3.0          6.1
      June .................................      166.4      160.3        181.1          .8         .6          1.4         3.5        2.6          6.1
      Sept .................................      168.2      161.7        183.8         1.1         .9          1.5         4.0        3.0          6.5
      Dec ..................................      169.5      162.5        186.3          .8         .5          1.4         4.0        3.0          6.4
 
2004:Mar ...................................      171.3      163.5        191.2         1.1         .6          2.6         3.9        2.6          7.0
      June .................................      173.0      164.4        194.5         1.0         .6          1.7         4.0        2.6          7.3
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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.