Employment costs rise at slowest pace since 1980s

[Omaha Steve]

http://www.marketwatch.com/news/story/employment-costs-rise-slowest-pace/story.aspx?guid={4D9AD679-9F29-4BD9-A3D2-F3B95A0AE938}&dist=google

By Rex Nutting, MarketWatch

WASHINGTON (MarketWatch) -- U.S. employment costs rose at the slowest pace in at least 26 years in 2008, the Labor Department reported Friday, a sign that rising unemployment was keeping a lid on wages and benefits.

Employment costs increased 0.5% in the final three months of the year, down from 0.7% in the third quarter. Economists surveyed by MarketWatch were expecting costs to rise 0.7% in the fourth quarter. See Economic Calendar.

For the entire year, employment costs increased 2.6%, the lowest since the government began tracking the data in 1982. Read the full report.

Employment costs include wages and salaries plus benefit costs, such as health insurance.

In the third quarter, wages and salaries for civilian workers increased 0.5%, the slowest in four years. Benefit costs increased 0.4%. For the entire year, wages and salaries for civilian workers increased 2.7% and benefit costs rose 2.2%.

After adjusting for inflation of 0.1%, compensation costs increased 2.6% in 2008.

FULL story at link.

[w4rma]

1. This is the result of the GOP war on regular Americans. (nt)