The News: According to a new report released by the U.S. Bureau of Labor Statistics, the Employment Cost Index (ECI) shows that “wages and salaries increased 3.1 percent” last year.
What this means: The ECI reflects changes to workers’ salaries and benefits. It has been over a decade since the ECI has clocked in at this high of a rate.
What they are saying: Check out what the media’s reporting regarding this exciting news:
“Wages and salaries for American workers rose more than 3 percent over the past year, the first time that threshold has been broken in more than 10 years, according to a Labor Department report Thursday.”
“The cost of labor has risen steadily over the past few years as the U.S. labor market tightened, with unemployment and layoffs falling to the lowest levels in 50 years.”
“U.S. labor costs increased steadily in the fourth quarter as employers boosted benefits for workers, leading to the largest annual increase in more than 10 years.”
Wall Street Journal: U.S. Employment Costs Rose 0.7% in the Fourth Quarter
“From a year earlier, compensation increased 2.9% in the fourth quarter, continuing an upward march. … Worker compensation is now rising at faster pace than prices.”
The bottom line: Our new, pro-growth tax code is having a real impact for workers and families across the country through bigger paychecks and increased benefits at work.