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September 1999 Employment Cost Index

The Employment Cost Index (not seasonally adjusted) for September 1999 was 143.3 (June 1989=100), an increase of 3.1 percent from September 1998, the U.S. Department of Labor's Bureau of Labor Statistics reported today. The Employment…

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The Employment Cost Index (not seasonally adjusted) for September 1999 was 143.3 (June 1989=100), an increase of 3.1 percent from September 1998, the U.S. Department of Labor's Bureau of Labor Statistics reported today. The Employment Cost Index (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, the 3-month increase in compensation costs for civilian workers (nonfarm private industry plus State and local government) was 0.8 percent during the June-September 1999 period, following a gain of 1.1 percent in March-June. The increase in wages and salaries was 0.9 percent during the June-September 1999 period, following a 1.2 percent increase in the previous 3-month period. Benefit costs rose 0.8 percent during the September 1999 quarter and 0.9 percent in the June 1999 quarter.

The 3-month increase in compensation costs for private industry workers was 0.8 percent during the June-September 1999 period. The gain in wages and salaries also was 0.8 percent in September; in June, it was 1.2 percent. Benefit costs showed a 3-month rise of 0.9 percent during the September quarter and 1.0 percent during the June period. (See tables A and 1.)

Compensation costs for State and local government workers increased 0.8 percent during the September 1999 period, the same as in the previous quarter. Wages and salaries rose 0.9 percent in September; in June, the increase was 1.0 percent. Benefit costs increased 0.3 percent in the September quarter, down from 0.6 percent in the previous quarter. The small increase in State and local government benefit costs was due, in part, to smaller increases in employer costs for retirement plans.

Over-the-year changes, not seasonally adjusted

Compensation costs for civilian workers (not seasonally adjusted) increased 3.1 percent for the year ended in September 1999. This compares with over-the-year increases of 3.7 percent in September 1998 and 3.0 percent in September 1997. Compensation costs in private industry rose 3.1 percent in September 1999, following increases of 3.8 percent in September 1998 and 3.2 percent in September 1997. Compensation costs in State and local government increased 2.9 percent for the year ended September 1999. Over-the-year increases were 3.0 percent in September 1998, and 2.4 percent in September 1997. (See tables B, 2, and 3.)

Nonfarm private industry

In private industry, wages and salaries rose 3.2 percent for the year ended September 1999, after increasing 4.3 percent in the year ended September 1998. (See tables B and 6.) Benefit costs for private industry workers increased 2.8 percent for the year ended in September 1999, compared with 2.6 percent in September 1998. (See chart A and tables B and 8.)

In private industry, over-the-year compensation cost increases were 3.2 percent for white-collar occupations, 3.1 percent for blue-collar occupations, and 2.7 percent for service occupations. Among the occupational groups, increases in compensation costs ranged from 2.5 percent for professional specialty and technical to 4.1 percent for executive, administrative, and managerial occupations. (See table 3.)

For the year ended September 1999, the private industry compensation cost increase was 3.2 percent for service-producing industries and 2.9 percent for goods-producing industries. For the year ended in September 1998, compensation costs rose 4.3 percent in service-producing industries and 2.6 percent in goods-producing industries. Among industry divisions, over-the-year increases ranged from 2.4 percent in transportation and public utilities to 4.7 percent in finance, insurance, and real estate. (See table 3.)

The compensation cost change for nonunion workers in private industry was 3.2 percent, while the change for union workers was 2.5 percent. In service-producing industries, union compensation increased 2.2 percent, and nonunion compensation increased 3.4 percent. In goods-producing industries, the increase for union workers was 2.7 percent, and the increase for nonunion workers was 3.0 percent. Compensation in blue- collar occupations increased 2.4 percent for union workers and 3.5 percent for nonunion workers. (See table 4.)

State and local government

In State and local government, the September 1999 over-the-year increase in wages and salaries was 3.3 percent, as compared with a 3.0 percent increase in September 1998. Benefit costs for September 1999 increased 2.0 percent. In September 1998, the increase was 2.8 percent. (See tables 5 and 8.)

ECI data are available on the ECI home page (http://stats.bls.gov/ecthome.htm). To access data using Anonymous FTP, use the Internet address (ftp://ftp.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, 1999.

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, 1999Publication referenceOct 28, 199930 days laterNov 27, 1999
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®7.76%Observed 7.93%Observed +17 bps vs. earlier reference7.75%Observed −18 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, 1999 – Jan 28, 2000
Historical mortgage and Treasury observations around Oct 28, 1999Each 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.7.50%8.00%8.50%Publication date30-year fixed mortgage: 7.70% · Jul 30, 199930-year fixed mortgage: 7.89% · Aug 6, 199930-year fixed mortgage: 8.15% · Aug 13, 199930-year fixed mortgage: 7.93% · Aug 20, 199930-year fixed mortgage: 7.80% · Aug 27, 199930-year fixed mortgage: 7.83% · Sep 3, 199930-year fixed mortgage: 7.88% · Sep 10, 199930-year fixed mortgage: 7.82% · Sep 17, 199930-year fixed mortgage: 7.76% · Sep 24, 199930-year fixed mortgage: 7.70% · Oct 1, 199930-year fixed mortgage: 7.82% · Oct 8, 199930-year fixed mortgage: 7.85% · Oct 15, 199930-year fixed mortgage: 7.93% · Oct 22, 199930-year fixed mortgage: 7.96% · Oct 29, 199930-year fixed mortgage: 7.84% · Nov 5, 199930-year fixed mortgage: 7.67% · Nov 12, 199930-year fixed mortgage: 7.69% · Nov 19, 199930-year fixed mortgage: 7.75% · Nov 26, 199930-year fixed mortgage: 7.84% · Dec 3, 199930-year fixed mortgage: 7.84% · Dec 10, 199930-year fixed mortgage: 7.86% · Dec 17, 199930-year fixed mortgage: 7.96% · Dec 24, 199930-year fixed mortgage: 8.06% · Dec 31, 199930-year fixed mortgage: 8.15% · Jan 7, 200030-year fixed mortgage: 8.18% · Jan 14, 200030-year fixed mortgage: 8.26% · Jan 21, 200030-year fixed mortgage: 8.25% · Jan 28, 2000Jul 28, 1999Oct 28, 1999Jan 28, 2000
30-year fixed mortgage27 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$2,186.67/month

7.93% · Oct 22, 1999

At the later reference$2,149.24/month

7.75% · Nov 26, 1999

The illustrative principal-and-interest payment is $37.44 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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