Employment Changes in Jobs and Their Effect on the Employment Cost Index
AbstractThe Employment Cost Index for wages and salaries is based on a comparison of the average wage rates for the same set of jobs across a three-month interval. Employment for the majority of the jobs remains the same over the three months. However, if the index were based solely on the jobs for which their number of workers decreased, it would have shown wage growth of over 50 percent from December 2001 to December 2011. Conversely, if the index were based solely on the jobs for which their number of workers increased, it would have almost no wage growth over the same ten years. Therefore, this article describes how the jobs are defined and chosen for the ECI sample, and it explores how such high wage growth for jobs losing workers, along with such low wage growth for jobs gaining workers, affects the growth in the Employment Cost Index for wages and salaries overall.
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Bibliographic InfoPaper provided by U.S. Bureau of Labor Statistics in its series Working Papers with number 455.
Length: 19 pages
Date of creation: Apr 2012
Date of revision:
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ECI; index numbers; wage rates;
Find related papers by JEL classification:
- C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
- J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
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