Wednesday, November 11, 2026Mortgage news · Rates & market context

Jobs · ORIGINAL ECONOMIC RELEASE

September 1997 Employment Cost Index

The Employment Cost Index (ECI), for September 1997 was 134.1 (June 1989=100), an increase of 3.0 percent from September 1996, the U.S. Department of Labor’s Bureau of Labor Statistics reported today. The ECI measures changes in…

Historical releaseThe figures below describe the original reporting period. They are not today’s rates or a current economic forecast.Today’s market brief →

THE PRIMARY SOURCE

Read the release

Original source →

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), for September 1997 was 134.1 (June 1989=100), an increase of 3.0 percent from 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.

Quarterly changes, seasonally adjusted On a seasonally adjusted basis, compensation costs for civilian workers (private industry plus state and local governments) rose 0.8 percent during the June-September 1997 period, the same as the March-June 1997 increase. Wages and salaries increased 0.9 percent from June to September, following a gain of 0.8 percent in the March-June quarter. Benefit costs increased 0.4 percent during the June-September quarter; in the March-June quarter, the increase was 0.6 percent.

Seasonally adjusted 3-months ended Unadjusted 12-months ended Sep. 1997 Compensation Dec. Mar. June Sep. Dec. Mar. June Sep. Component 1995 1996 1996 1996 1996 1997 1997 1997

Compensation costs for private industry workers increased 0.8 percent during the June-September 1997 period, the same as the March-June quarter. Wages and salaries rose 0.9 percent, also the same as the March-June increase. Benefit costs increased 0.5 percent, following a March-June quarterly increase of 0.7 percent. (See table 1.)

Compensation costs for state and local government workers increased 0.5 percent during the June- September 1997 period, the same as the March-June quarter. Wages and salaries increased 0.7 percent; in the March-June quarter, the increase was 0.6 percent. Benefits increased 0.2 percent; the previous quarterly increase was 0.1 percent.

Over-the-year changes, unadjusted

Compensation costs for civilian workers (not seasonally adjusted) were up 3.0 percent for the year ended September 1997; the increase for the year ended September 1996 was 2.8 percent. Compensation costs in private industry rose 3.2 percent; in September 1996 the increase was 2.9 percent. Compensation costs for state and local governments increased 2.4 percent for the year ending in September 1997; the gain for the year ending in September 1996 was 2.5 percent. (See tables 2 and 3.)

Private industry

In private industry, wages and salaries grew 3.6 percent for the year ended September 1997; the increase for the year ended September 1996 was 3.3 percent. (See table 6.) Benefit costs for private industry workers increased 2.0 percent for the year ended in September 1997; the increase for the year ended in September 1996 was 1.8 percent. (See table 8.)

In private industry, over-the-year compensation cost increases were 3.1 percent for white-collar occupations, 2.8 percent for blue-collar occupations, and 4.5 percent for service occupations. Among the occupational groups, increases ranged from 2.5 percent for transportation and material moving occupations to 4.5 percent for service occupations. Compensation for sales occupations, which tend to be volatile due to commission sales, rose 4.3 percent; in September 1996, the over-the-year increase was 2.8 percent.

For the year ended September 1997, compensation costs in goods-producing industries increased 2.7 percent, about the same as the 2.8 percent increase for the year ended September 1996. In service- producing industries, compensation costs increased 3.3 percent; in September 1996, the over-the-year increase was 2.9 percent. Among industry divisions, over-the-year increases ranged from 2.5 percent in manufacturing to 3.9 percent in retail trade.

Over-the-year compensation cost increases in private industry were 2.4 percent for union workers and 3.2 percent for nonunion workers. The pattern was similar for both goods-producing and service-producing industries. In goods-producing industries, the increase for union workers was 2.4 percent and the increase for nonunion workers was 2.8 percent. In service-producing industries, union workers’ compensation increased 2.3 percent, and nonunion workers’ compensation increased 3.5 percent. (See table 4.)

State and local government

Compensation costs in state and local government increased 2.4 percent for the year ended September 1997, about the same as the 2.5 percent increase for the year ended in September 1996. However, the 2.4 percent increase was lower than the average yearly increase of 3.6 percent for the previous 7 years (1990- 96). For the year ended September 1997, the increase in wages and salaries was 2.7 percent, and benefits increased 1.5 percent. For the previous year ended in September 1996, wages and salaries increased 2.8 percent, and benefits increased 1.9 percent. (See tables 2, 5, and 8; table B; and charts B, C, and D.)

Compensation Sep. Sep. Sep. Sep. Sep. Sep. Sep. Sep. Ave. yearly increase Component 1990 1991 1992 1993 1994 1995 1996 1997 Sep. 1990-96

The Bureau is evaluating published ECI series to assure that they meet statistical standards for reliability. Preliminary research has targeted 37 series for elimination from the news release. These series are marked with a footnote in the accompanying tables. Series that fail reliability standards will be removed from the news release beginning in September 1998 and will be available only upon request.

BLS Data Available on the World Wide Web and Fax On Demand

ECI data, as well as other data produced by BLS, are now available on the World Wide Web. The ECI home page address is: http://stats.bls.gov/ecthome.htm. The BLS home page address is: http://stats.bls.gov. 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.

News releases and other information are available from the BLS fax-on-demand service. To request a document fax, call 202-606-6325. To request a catalog of available documents, select option 2 at the initial voice prompt. To request data found in this news release, enter the following codes:

Source: U.S. Bureau of Labor Statistics · Original release Oct 28, 1997.

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 28, 1997Publication referenceOct 28, 199730 days laterNov 27, 1997
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®7.28%Observed 7.35%Observed +7 bps vs. earlier reference7.18%Observed −17 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 28, 1997 – Jan 28, 1998
Historical mortgage and Treasury observations around Oct 28, 1997Each 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.6.50%7.25%8.00%Publication date30-year fixed mortgage: 7.36% · Aug 1, 199730-year fixed mortgage: 7.46% · Aug 8, 199730-year fixed mortgage: 7.54% · Aug 15, 199730-year fixed mortgage: 7.46% · Aug 22, 199730-year fixed mortgage: 7.58% · Aug 29, 199730-year fixed mortgage: 7.53% · Sep 5, 199730-year fixed mortgage: 7.53% · Sep 12, 199730-year fixed mortgage: 7.38% · Sep 19, 199730-year fixed mortgage: 7.28% · Sep 26, 199730-year fixed mortgage: 7.31% · Oct 3, 199730-year fixed mortgage: 7.26% · Oct 10, 199730-year fixed mortgage: 7.34% · Oct 17, 199730-year fixed mortgage: 7.35% · Oct 24, 199730-year fixed mortgage: 7.21% · Oct 31, 199730-year fixed mortgage: 7.24% · Nov 7, 199730-year fixed mortgage: 7.23% · Nov 14, 199730-year fixed mortgage: 7.18% · Nov 21, 199730-year fixed mortgage: 7.17% · Nov 28, 199730-year fixed mortgage: 7.15% · Dec 5, 199730-year fixed mortgage: 7.17% · Dec 12, 199730-year fixed mortgage: 7.07% · Dec 19, 199730-year fixed mortgage: 6.99% · Dec 26, 199730-year fixed mortgage: 7.03% · Jan 2, 199830-year fixed mortgage: 6.94% · Jan 9, 199830-year fixed mortgage: 6.89% · Jan 16, 199830-year fixed mortgage: 6.99% · Jan 23, 1998Jul 28, 1997Oct 28, 1997Jan 28, 1998
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$2,066.92/month

7.35% · Oct 24, 1997

At the later reference$2,032.30/month

7.18% · Nov 21, 1997

The illustrative principal-and-interest payment is $34.61 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.

Understand the policy connection →See current advertised mortgage options →