The Bureau of Labor Statistics (BLS) released the Employment Cost Index (ECI)  on July 30, which is an economic indicator that provides data on changes in labor costs and overall economic performance. The ECI measures changes in the cost of employees to employers over time and provides employers with critical information that allow them to maintain competitive compensation and benefit packages.

The report indicated compensation costs for private industry workers increased 3.9% over the year. In June 2023, the increase was 4.5%. Wages and salaries increased 4.1% for the 12-month period ending in June 2024 and increased 4.6% in June 2023. The cost of benefits increased 3.5% for the 12-month period ending in June 2024 and increased 3.9% in June 2023.