Employment Cost Index Definition
A quarterly report of
compensation costs provided by the Bureau of Labor Statistics. It is an
index-based indicator measuring the changes in labor costs from the previous
quarter. Wages, bonuses and benefits of all non-farm industries are covered by
the indicator, with the exception of federal government employees. The data is
compiled through surveys of sampled non-farm businesses, state and local
institutions. The indicator is broken down by industry group, occupation and
union vs. non-union workers.