The Bureau of Labor Statistics (BLS) said that private manufacturing compensation rose 0.6 percent in the fourth quarter, slowing from the robust 1.0 percent gain seen in the third quarter. On a year-over-year basis, compensation in the sector grew 2.7 percent.
Private manufacturing wages and salaries were up 0.7 percent in the fourth quarter, with benefits up 0.3 percent. Private sector manufacturing workers earned 2.5 percent more over the past 12 months in wages and salaries, with benefit costs up 3.0 percent year-over-year. BLS does not break out various benefit costs, including health insurance, in its quarterly releases.
Overall, the employment cost index for private sector workers also increased by 0.6 percent in the fourth quarter, off slightly from a rise of 0.7 percent in the third quarter. Private sector wages and salaries and benefits increased by 0.6 percent and 0.5 percent in this report, respectively. Over the past 12 months, total compensation for private sector workers increased 2.6 percent, with wages and salaries and benefits up 2.8 percent and 2.4 percent, respectively.