March 2024 Employment Cost Index — 2024-04-30

Compensation costs for civilian workers increased 1.2 percent, seasonally adjusted, for the 3-month period ending in March 2024, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.1 percent and benefit costs increased 1.1 percent from December 2023. (See tables A, 1, 2, and 3.) Compensation costs for civilian workers increased 4.2 percent for the 12-month period ending in March 2024 and increased 4.8 percent in March 2023. Wages and salaries increased 4.4 percent for the 12-month period ending in March 2024 and increased 5.0 percent for the 12-month period ending in March 2023. Benefit costs increased 3.7 percent over the year and increased 4.5 percent for the 12-month period ending in March 2023. (See tables A, 4, 8, and 12.) Compensation costs for private industry workers increased 4.1 percent over the year. In March 2023, the increase was 4.8 percent.