An index used to monitor inflation. The Employment Cost Index measures the relative...
An index of the cost of an hour of labor--comprising the cost to the employer for wage or salary payments, employee benefits, and contributions for social insurance. The ECI is unaffected by changes in the mix of occupations and of employment by industry. (BLS)
A fixed, employment-weighted index which tracks quarterly changes in labor costs (wages, salaries, and employer costs for employee benefits), free from the influence of employment shifts among occupations and industries. Occupations in the private sector and state and local governments are surveyed. The ECI is published quarterly by the Bureau of Labor Statistics.
A measure of total employee compensation costs, including wages and salaries and the costs of benefits. The employment cost index (ECI) is the broadest measure of labor costs.
Conducted annually as part of the Department of Labor's National Compensation Survey program, the Employment Cost Index measures the relative changes in wages, benefits and bonuses for a specific group of occupations.
A quarterly index used to gauge the change in the cost of civilian labor. Unlike the average hourly earning measure, the ECI includes salaried workers. Another advantage of the ECI is that changes in the index are independent of shifts in the composition of the workforce (that is, the index is not affected by, say, a surge in the number of lower-paying jobs relative to high-paying jobs because it uses fixed employment weights. Instead, the ECI reflects the change in the employment costs of the same set of jobs). The index has two major components: the wage and salary series and the benefits series. The survey is conducted during pay period including the 12th day of March, June, September and December. The Bureau of Labor Statistics releases the results about six to seven weeks after the survey period. The less comprehensive average hourly earnings figure is a more timely indicator, as it's released monthly, usually within a week after month's end.
Often referred to as total compensation cost (see Total Compensation in Glossary). The Bureau of Labor Statistics (BLS) National Compensation Survey program publishes data on trends in employment costs, including quarterly and annual percent changes in labor cost (Employment Cost Index) and employer costs per hour worked for each component of compensation (Employer Cost for Employee Compensation). http://stats.bls.gov/news.release/eci.toc.htm
A measure of the total employee compensation costs, including wages and benefits. This is the broadest measure of labor costs.
( ECI) measure of wage and benefit costs to employers. Published by the Department of Labor.