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

Jobs · ORIGINAL ECONOMIC RELEASE

December 2011 Employment Cost Index

Compensation costs for civilian workers increased 0.4 percent, seasonally adjusted, for the 3-month period ending December 2011, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of…

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

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Compensation costs for civilian workers increased 0.4 percent, seasonally adjusted, for the 3-month period ending December 2011, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) also increased 0.4 percent, and benefits (which make up the remaining 30 percent of compensation) increased 0.6 percent.

Civilian Workers

Compensation costs for civilian workers increased 2.0 percent for the 12-month period ending December 2011, the same as the increase a year earlier in December 2010. Wages and salaries increased 1.4 percent for the current 12-month period. In December 2010 the increase was 1.6 percent. Benefit costs increased 3.2 percent for the 12-month period ending December 2011. In December 2010, the increase was 2.9 percent.

Private Industry Workers

Compensation costs for private industry workers increased 2.2 percent over the year, compared to the 2.1 percent increase for the previous 12-month period. Wages and salaries increased 1.6 percent for the current 12-month period. The increase for the 12-month period ending December 2010 was 1.8 percent. The increase in the cost of benefits was 3.6 percent for the 12-month period ending December 2011, higher than the December 2010 increase of 2.9 percent. Employer costs for health benefits increased 3.5 percent for the 12-month period ending December 2011, lower than the December 2010 increase of 5.0 percent.

Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending December 2011 ranged from 1.7 percent for service occupations to 2.4 percent for production, transportation, and material moving occupations. Among industry supersectors, compensation cost increases for private industry workers for the current 12-month period ranged from 1.0 percent for leisure and hospitality to 2.8 percent for manufacturing.

State and Local Government Workers

Compensation costs for state and local government workers decelerated over the year. In December 2011, the increase for the 12-month period was 1.3 percent. In December 2010, the increase for the 12-month period was 1.8 percent. Values for this series—which began in June 1982—have ranged from the current period’s 1.3 percent to 9.6 percent. Wages and salaries increased 1.0 percent for the 12-month period ending December 2011. A year earlier the increase was 1.2 percent. Prior values for this series, which also began in June 1982, ranged from 1.0 percent to 8.5 percent. Benefit costs increased 2.1 percent in December 2011, down from the December 2010 increase of 2.9 percent. Prior values for this series, which began in June 1990, ranged from 1.2 percent to 8.3 percent.

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Category 3-month, 12-month, seasonally adjusted not seasonally adjusted Sep. Dec. Dec. Mar. June Sep. Dec. 2011 2011 2010 2011 2011 2011 2011

PRIVATE INDUSTRY

STATE AND LOCAL GOVERNMENT

[1] Includes private industry and State and local government. [2] Includes wages and salaries and benefits.

Source: U.S. Bureau of Labor Statistics · Original release Jan 31, 2012.

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 earlierJan 1, 2012Publication referenceJan 31, 201230 days laterMar 1, 2012
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®3.95%Observed 3.98%Observed +3 bps vs. earlier reference3.90%Observed −8 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

Oct 31, 2011 – Apr 30, 2012
Historical mortgage and Treasury observations around Jan 31, 2012Each 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.3.50%4.00%4.50%Publication date30-year fixed mortgage: 4.00% · Nov 3, 201130-year fixed mortgage: 3.99% · Nov 10, 201130-year fixed mortgage: 4.00% · Nov 17, 201130-year fixed mortgage: 3.98% · Nov 23, 201130-year fixed mortgage: 4.00% · Dec 1, 201130-year fixed mortgage: 3.99% · Dec 8, 201130-year fixed mortgage: 3.94% · Dec 15, 201130-year fixed mortgage: 3.91% · Dec 22, 201130-year fixed mortgage: 3.95% · Dec 29, 201130-year fixed mortgage: 3.91% · Jan 5, 201230-year fixed mortgage: 3.89% · Jan 12, 201230-year fixed mortgage: 3.88% · Jan 19, 201230-year fixed mortgage: 3.98% · Jan 26, 201230-year fixed mortgage: 3.87% · Feb 2, 201230-year fixed mortgage: 3.87% · Feb 9, 201230-year fixed mortgage: 3.87% · Feb 16, 201230-year fixed mortgage: 3.95% · Feb 23, 201230-year fixed mortgage: 3.90% · Mar 1, 201230-year fixed mortgage: 3.88% · Mar 8, 201230-year fixed mortgage: 3.92% · Mar 15, 201230-year fixed mortgage: 4.08% · Mar 22, 201230-year fixed mortgage: 3.99% · Mar 29, 201230-year fixed mortgage: 3.98% · Apr 5, 201230-year fixed mortgage: 3.88% · Apr 12, 201230-year fixed mortgage: 3.90% · Apr 19, 201230-year fixed mortgage: 3.88% · Apr 26, 2012Oct 31, 2011Jan 31, 2012Apr 30, 2012
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$1,428.79/month

3.98% · Jan 26, 2012

At the later reference$1,415.00/month

3.90% · Mar 1, 2012

The illustrative principal-and-interest payment is $13.78 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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