The Commerce Department reported on Tuesday that the compensation costs
for civilian workers in the U.S. jumped 1.0 percent q-o-q in the fourth quarter of 2022, following a 1.2 percent q-o-q rise in the third quarter. Economists had expected
an increase of 1.1 percent q-o-q.
According to the report, wages and salaries, which account for nearly
70% of total compensation costs, surged 1.0 percent q-o-q in the final quarter
of 2022, following a 1.3 percent q-o-q climb in the previous quarter.
Meanwhile, benefit costs increased 0.8 percent q-o-q after a 1.0 percent q-o-q gain
in the third quarter.
For the 12-month period ending in December 2022, compensation costs advanced
5.1 percent, accelerating from 4.0 percent in the 12-month period ending in
December 2021. Last year, wages and salaries soared
5.1 percent (compared to +4.5 percent a year ago), while benefit costs jumped
4.9 percent (compared to +2.8 percent a year ago).