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September 1996 Employment Cost Index

The Employment Cost Index (ECI) increased 0.8 percent before seasonal adjustment in the three months that ended September 1996, the U.S. Department of Labor's Bureau of Labor Statistics reported today. The ECI measures changes in…

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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 three months that ended September 1996, the U.S. Department of Labor's Bureau of Labor Statistics reported today. The ECI measures changes in compensation costs, which include wages, salaries, and employer costs for employee benefits. The September 1996 ECI level of 130.2 was 2.8 percent higher than the level in September 1995.

Quarterly changes, seasonally adjusted

On a seasonally adjusted basis, compensation costs for civilian workers (private industry plus state and local governments) rose 0.6 percent during the June-September 1996 period. The March-June 1996 increase was 0.8 percent. Wages and salaries increased 0.6 percent from June to September, following gains of 0.9 and 1.0 percent in the second and first quarters of 1996. Benefit costs also increased 0.6 percent in September, about the same as in June; in March, there was no change in benefit costs.

Compensation costs for private industry workers increased 0.6 percent during the June-September 1996 period. Over the past two years, compensation increases ranged from 0.6 to 0.8 percent in private industry. Wages and salaries increased 0.6 percent in September; in June, the increase was 0.9 percent. The benefits cost increase of 0.7 percent in September was the same as in June; in March, benefit costs declined 0.1 percent. (See table 1.)

Compensation costs for state and local government workers increased 0.5 percent in the June-September period. Wages and salaries increased 0.6 percent; in June, the increase was 0.8 percent. Benefit costs were unchanged from June to September compared to the 0.6 percent increase for the March-June period.

Over-the-year changes, unadjusted

Compensation costs for civilian workers (not seasonally adjusted) increased 2.8 percent for the year ended September 1996, about the same as the increase during the 12-month period that ended September 1995. (See table 2.) Compensation costs in private industry increased 2.9 percent; and state and local government rose 2.5 percent for the year that ended September 1996. (See table 3.)

For private industry, wages and salaries increased 3.3 percent for the 12-month period ended September 1996 compared with 2.8 percent for the September 1994-1995 period. (See table 6.) Benefit costs for private industry workers increased 1.8 percent, compared with 1.7 percent for the September 1994-1995 period. (See table 8.)

In private industry, over-the-year compensation cost increases were 3.2 percent for white-collar workers, 2.4 percent for blue-collar workers, and 2.2 percent for service occupations. Among occupational groups, increases ranged from 1.6 percent for transportation and material moving occupations to 3.7 percent for executive, administrative, and managerial occupations.

For the year ended September 1996, compensation cost gains in private industry were similar for goods-producing and service-producing industries. For the year ended September 1995, however, compensation costs increased more in service-producing than in goods-producing industries.

Over-the-year compensation cost increases in private industry were 2.9 percent for nonunion workers and 2.6 percent for union workers. The pattern was similar for workers in goods-producing industries where compensation costs increased 3.2 percent for nonunion workers and 2.0 percent for union workers. In service-producing industries, the opposite was true with compensation cost increases of 2.9 percent for nonunion workers and 3.3 percent for union workers. (See table 4.)

BLS Data Now Available on the World Wide Web

ECI data, as well as other data produced by BLS, are now available on the World Wide 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: ocltinfo@bls.gov.

Source: U.S. Bureau of Labor Statistics · Original release Oct 29, 1996.

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 earlierSep 29, 1996Publication referenceOct 29, 199630 days laterNov 28, 1996
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®8.16%Observed 7.86%Observed −30 bps vs. earlier reference7.53%Observed −33 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 29, 1996 – Jan 29, 1997
Historical mortgage and Treasury observations around Oct 29, 1996Each 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%7.75%8.50%Publication date30-year fixed mortgage: 8.23% · Aug 2, 199630-year fixed mortgage: 7.88% · Aug 9, 199630-year fixed mortgage: 7.88% · Aug 16, 199630-year fixed mortgage: 7.93% · Aug 23, 199630-year fixed mortgage: 8.09% · Aug 30, 199630-year fixed mortgage: 8.34% · Sep 6, 199630-year fixed mortgage: 8.28% · Sep 13, 199630-year fixed mortgage: 8.14% · Sep 20, 199630-year fixed mortgage: 8.16% · Sep 27, 199630-year fixed mortgage: 8.06% · Oct 4, 199630-year fixed mortgage: 7.86% · Oct 11, 199630-year fixed mortgage: 7.88% · Oct 18, 199630-year fixed mortgage: 7.86% · Oct 25, 199630-year fixed mortgage: 7.78% · Nov 1, 199630-year fixed mortgage: 7.67% · Nov 8, 199630-year fixed mortgage: 7.59% · Nov 15, 199630-year fixed mortgage: 7.53% · Nov 22, 199630-year fixed mortgage: 7.52% · Nov 29, 199630-year fixed mortgage: 7.44% · Dec 6, 199630-year fixed mortgage: 7.57% · Dec 13, 199630-year fixed mortgage: 7.74% · Dec 20, 199630-year fixed mortgage: 7.64% · Dec 27, 199630-year fixed mortgage: 7.67% · Jan 3, 199730-year fixed mortgage: 7.85% · Jan 10, 199730-year fixed mortgage: 7.87% · Jan 17, 199730-year fixed mortgage: 7.85% · Jan 24, 1997Jul 29, 1996Oct 29, 1996Jan 29, 1997
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$2,172.09/month

7.86% · Oct 25, 1996

At the later reference$2,103.81/month

7.53% · Nov 22, 1996

The illustrative principal-and-interest payment is $68.28 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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