As follow up to the discussion about employment costs I thought it would be a good idea to add some context. Below is a table from the employment costs index from BLS going back to 2001. I’ll leave the analysis regarding the differences and validity of the hype around raising interest rates due to employment costs up to the beholder.

Year Qtr1 Qtr2 Qtr3 Qtr4
2001 1.1 1.0 1.1 0.9
2002 0.8 1.0 0.8 0.7
2003 1.2 0.9 1.0 0.8
2004 1.1 1.0 0.9 0.7
2005 0.9 0.6 0.7 0.8
2006 0.6 0.9 1.0 0.8
2007 0.8 0.9 0.8 0.8
2008 0.7 0.7 0.7 0.5
2009 0.3 0.3 0.5 0.4
2010 0.6 0.4 0.4 0.4
2011 0.6 0.6 0.3 0.4
2012 0.5 0.5 0.4 0.4
2013 0.5 0.5 0.4 0.5
2014 0.3 0.7 0.7 0.5
2015 0.7
B : Includes wages, salaries, and employer costs for employee benefits.
C : See Footnote C on www.bls.gov/ect/cimapnote.htm.

EmploymentCostIndex

PS: Please note that the included link takes one to the standard data set. If you want to look at the same data as I have listed here, you need to adjust the beginning date in the drop-down box at the top of the page and click “Go”.

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