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September 1995 Employment Cost Index

The Employment Cost Index (ECI) increased 0.8 percent before seasonal adjustment in the 3 months ended in September 1995, the U.S. Department of Labor's Bureau of Labor Statistics reported today. The September 1995 ECI level of 126.6…

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Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

The Employment Cost Index (ECI) increased 0.8 percent before seasonal adjustment in the 3 months ended in September 1995, the U.S. Department of Labor's Bureau of Labor Statistics reported today. The September 1995 ECI level of 126.6 (June 1989=100) was 2.7 percent higher than the index in September 1994. The ECI measures changes in compensation costs, including wages, salaries, and employer costs for employee benefits.

Quarterly changes, seasonally adjusted

On a seasonally adjusted basis, the ECI rose 0.6 percent in the June-September 1995 period, compared with a 0.7 percent gain in the March-June 1995 period. This matches the December 1994-March 1995 period for the smallest compensation cost increase since the series began in 1982. Wage and salary gains, 0.7 percent in June-September 1995, have stayed within a relatively narrow range over the past 3 years. Benefit costs rose 0.4 percent in June-September 1995, down from the 0.7 percent increase for the March-June 1995 period.

Seasonally adjusted 3-months ended Unadj. Compensation ----------------------------------------------- 12-mos. component Dec. Mar. June Sep. Dec. Mar. June Sep. ended 1993 1994 1994 1994 1994 1995 1995 1995 Sep. 1995

Private industry workers showed a pattern similar to civilian workers. (See table 1.) Compensation costs rose 0.6 percent in the June-September 1995 period. Wages and salaries increased 0.7 percent, in line with gains over the past year. Benefit costs increased 0.5 percent for the June-September 1995 period, the same as for the March-June 1995 period. Benefit cost increases were held down by declining health insurance costs to employers.

Compensation cost increases for state and local government workers slowed to 0.5 percent in the June-September 1995 period, down from 1.0 percent in the preceding period. This slowdown was due primarily to smaller gains in benefits (0.1 percent in June-September 1995, down from 1.4 percent in the March-June 1995 period).

Over-the-year changes, unadjusted

Compensation costs (not seasonally adjusted) increased 2.7 percent for the year ended in September 1995, down from 3.2 percent for the 12-month period ended September 1994. This is the smallest over-the-year increase since the series began in 1981. The increase for private industry workers was also the smallest on record at 2.6 percent, compared with 3.3 percent for the year ended September 1994. State and local government increases were 3.0 percent, the same as in the period ended September 1994. Increases in state and local government have ranged between 2.8 and 3.1 percent for the last 2 years.

Private industry wages and salaries increased 2.8 percent in September 1994-95, about the same as the 2.9 percent gain for September 1993-94. Wage and salary increases have ranged between 2.7 and 3.1 percent for the last 3 years.

For the year ended September 1995, compensation cost gains in private industry were higher in service-producing industries (2.9 percent) than in goods-producing industries (2.1 percent). For the year ended September 1994, increases in the two sectors had been about the same (3.2 percent and 3.3 percent, respectively). Among the goods-producing industries, the September 1994-95 increases ranged from 1.4 percent in construction to 2.5 percent in durable goods manufacturing. In the service-producing industries, gains ranged from 1.2 percent for food stores to 4.7 percent for colleges and universities. Other service-producing industries with relatively large increases were transportation (4.2 percent) and wholesale trade (4.6 percent).

Over-the-year compensation cost increases in private industry were higher for white-collar workers (2.8 percent) than for blue-collar workers (2.3 percent) and service occupations (2.4 percent). Among occupational groups, increases ranged from 1.8 percent for machine operators, assemblers, and inspectors to 3.4 percent for sales occupations.

Compensation cost increases were slightly higher for nonunion workers (2.7 percent) than for union workers (2.4 percent). This pattern also held in the goods-producing industries (2.3 percent and 1.8 percent, respectively), but not in the service-producing industries (3.2 percent for union and 2.8 percent for nonunion).

BLS Data Now Available on the World Wide Web

ECI data, as well as other data produced by BLS, are now available on the Worldwide Web. To access ECI data use the address: http://stats.bls.gov/ecthome.htm. To access the BLS Home Page use: http://stats.bls.gov. There is no charge from BLS for using this service; however, there may be a charge from your Internet service provider. To access data using GOPHER or Anonymous FTP, use the Internet address: stats.bls.gov.

For technical assistance in using the BLS Internet site, send e-mail to: labstat.helpdesk@bls.gov. For ECI data requests, send e-mail to: dectinfo@bls.gov.

ECI data for December 1995 is scheduled for release on Tuesday, January 30, 1996, at 8:30 A.M. (EST)

Source: U.S. Bureau of Labor Statistics · Original release Oct 31, 1995.

Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.

MortgageRates.news analysis · Historical context

The mortgage market around this release

This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.

Read compensation costs separately from job growth

The Employment Cost Index tracks changes in employers’ hourly compensation costs, including wages, salaries and benefits. Its fixed employment weights limit the effect of shifts between industries and occupations; it does not count newly created jobs. Compare wage and benefit components, and check whether the quoted change is for three months or twelve months and whether it is seasonally adjusted. Compensation trends are one part of the inflation and policy picture, without determining a particular mortgage rate. BLS Employment Cost Index.

Nearest published observation on or before each target date
Benchmark30 days earlierOct 1, 1995Publication referenceOct 31, 199530 days laterNov 30, 1995
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®7.62%Observed 7.45%Observed −17 bps vs. earlier reference7.35%Observed −10 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the TreasuryUnavailableBefore available coverage, which starts Jan 4, 2016.UnavailableBefore available coverage, which starts Jan 4, 2016.UnavailableBefore available coverage, which starts Jan 4, 2016.

Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.

Six months around publication

Jul 31, 1995 – Jan 31, 1996
Historical mortgage and Treasury observations around Oct 31, 1995Each dot is a published observation. No missing values are estimated. The dashed vertical line marks the article’s publication calendar date. Rates and yields are percentages.7.00%7.50%8.00%Publication date30-year fixed mortgage: 7.82% · Aug 4, 199530-year fixed mortgage: 7.80% · Aug 11, 199530-year fixed mortgage: 7.94% · Aug 18, 199530-year fixed mortgage: 7.88% · Aug 25, 199530-year fixed mortgage: 7.76% · Sep 1, 199530-year fixed mortgage: 7.63% · Sep 8, 199530-year fixed mortgage: 7.60% · Sep 15, 199530-year fixed mortgage: 7.57% · Sep 22, 199530-year fixed mortgage: 7.62% · Sep 29, 199530-year fixed mortgage: 7.57% · Oct 6, 199530-year fixed mortgage: 7.50% · Oct 13, 199530-year fixed mortgage: 7.38% · Oct 20, 199530-year fixed mortgage: 7.45% · Oct 27, 199530-year fixed mortgage: 7.44% · Nov 3, 199530-year fixed mortgage: 7.37% · Nov 9, 199530-year fixed mortgage: 7.35% · Nov 17, 199530-year fixed mortgage: 7.35% · Nov 24, 199530-year fixed mortgage: 7.33% · Dec 1, 199530-year fixed mortgage: 7.18% · Dec 8, 199530-year fixed mortgage: 7.15% · Dec 15, 199530-year fixed mortgage: 7.23% · Dec 22, 199530-year fixed mortgage: 7.11% · Dec 29, 199530-year fixed mortgage: 7.02% · Jan 5, 199630-year fixed mortgage: 7.08% · Jan 12, 199630-year fixed mortgage: 7.02% · Jan 19, 199630-year fixed mortgage: 7.00% · Jan 26, 1996Jul 31, 1995Oct 31, 1995Jan 31, 1996
30-year fixed mortgage26 observations
Dots show published observations only. Missing dates remain blank, with no interpolation. The series have different publication schedules and measure different markets.

What that benchmark difference would mean for a $300,000 loan

At the publication reference$2,087.38/month

7.45% · Oct 27, 1995

At the later reference$2,066.92/month

7.35% · Nov 24, 1995

The illustrative principal-and-interest payment is $20.47 lower per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.

Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.

Sources, historical coverage and calculation limits

The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.

Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.

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