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Employment Costs Increasing

Posted by Meredith Dwyer on April 30 2011 @ 7:05 am

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U.S. Employment costs have risen. Costs for employing U.S. workers increased in the first quarter of 2011, which may be a positive step for the economy.

A report, released by the U.S. Bureau of Labor Statistics, showed compensation increased 0.6 percent overall.

Salaries and wages saw a 0.4 percent hike, and consists of 70 percent of the study's numbers. Benefits, which accounts for the other 30 percent, rose 1.1 percent.

Over the course of the past 12 months, the costs for employing workers went up 2 percent, for the previous period, the increase was only 1.7 percent. Paychecks increased 1.6 percent, slightly more than the first quarter in 2010, which had a total increase of 1.5 percent.

Private sector employees showed a 2 percent increase in compensation over the past 12 months, while those in the public sector saw a 1.8 percent rise.

The extra money given to workers may signal not only an increase in employment, but also an improved economy. Because of this, consumers may be earning extra funds to pay off bills and increase their debt relief.