August 2007

Benefit costs rise sharply

Bad news for employers who offer benefits to their employees: Benefit costs for private industry rose by 1.1 percent in the second quarter of 2007, compared with a decline of 0.3 percent in the previous quarter, according to a report by the Bureau of Labor Statistics.

Overall, compensation costs for private industry rose 0.9 percent from March to June 2007, compared with 0.6 percent for the prior quarter.

Wages and salaries for private industry workers increased 0.8 percent, compared with 1.1 percent for the previous quarter.

State and local government compensation costs increased 1.1 percent, compared with 1.3 percent for the quarter ended March 2007.

Wages and salaries for state and local government increased 0.8 percent, compared with 0.9 percent in the prior quarter. For state and local government, benefit costs increased 1.7 percent, compared to 2.1 percent in the previous quarter.

Source: Business & Legal Reports, www.blr.com

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