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

Jobs · ORIGINAL ECONOMIC RELEASE

March 2017 Employment Cost Index

Compensation costs for civilian workers increased 0.8 percent, seasonally adjusted, for the 3-month period ending in March 2017, 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 →

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.

Compensation costs for civilian workers increased 0.8 percent, seasonally adjusted, for the 3-month period ending in March 2017, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.8 percent, and benefits (which make up the remaining 30 percent of compensation) increased 0.7 percent. (See tables A, 1, 2, and 3.)

Civilian Workers

Compensation costs for civilian workers increased 2.4 percent for the 12-month period ending in March 2017. In March 2016, compensation costs increased 1.9 percent. Wages and salaries increased 2.5 percent for the current 12-month period and increased 2.0 percent for the 12-month period ending in March 2016. Benefit costs increased 2.2 percent for the 12-month period ending in March 2017. In March 2016, the increase was 1.7 percent. (See tables A, 4, 8, and 12.)

Private Industry Workers

Compensation costs for private industry workers increased 2.3 percent over the year. In March 2016, the increase was 1.8 percent. Wages and salaries increased 2.6 percent for the current 12-month period. In March 2016, the increase was 2.0 percent. The cost of benefits rose 1.9 percent for the 12-month period ending in March 2017, higher than the 1.2 percent increase in March 2016. (See tables A, 5, 9, and 12.)

Employer costs for health benefits increased 1.3 percent for the 12-month period ending in March 2017. (For further information, see www.bls.gov/web/eci/echealth.pdf.)

Among occupational groups, compensation cost increases for private industry workers for the 12-month period ending in March 2017 ranged from 2.0 percent for management, professional, and related occupations to 3.4 percent for service occupations. (See table 5.)

Among industry supersectors, compensation cost increases for private industry workers for the current 12-month period ranged from 1.5 percent for professional and business services to 4.3 percent for leisure and hospitality. (See table 5.)

State and Local Government Workers

Compensation costs for state and local government workers increased 2.6 percent for the 12-month period ending in March 2017. In March 2016, the increase was 2.4 percent. Wages and salaries increased 2.2 percent for the 12-month period ending in March 2017, higher than the March 2016 increase of 1.8 percent. Benefit costs increased 3.1 percent for the 12-month period ending in March 2017. The prior year’s increase was 3.5 percent. (See tables A, 7, 11, and 12.)

Category 3-month, 12-month, seasonally adjusted not seasonally adjusted Dec. Mar. Mar. June Sept. Dec. Mar. 2016 2017 2016 2016 2016 2016 2017

CIVILIAN WORKERS[1]

PRIVATE INDUSTRY

STATE AND LOCAL GOVERNMENT

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

The Employment Cost Index for June 2017 is scheduled for release on Friday, July 28, 2017, at 8:30 a.m. (EDT).

BLS news releases, including the ECI, are available through an email subscription service at www.bls.gov/bls/list.htm.

Source: U.S. Bureau of Labor Statistics · Original release Apr 28, 2017.

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 earlierMar 29, 2017Publication referenceApr 28, 201730 days laterMay 28, 2017
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®4.23%Observed 4.03%Observed −20 bps vs. earlier reference3.95%Observed −8 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury2.39%Observed 2.29%Observed −10 bps vs. earlier reference2.25%Observed −4 bps vs. publication reference

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

Jan 28, 2017 – Jul 28, 2017
Historical mortgage and Treasury observations around Apr 28, 2017Each 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.2.00%3.25%4.50%Publication date30-year fixed mortgage: 4.19% · Feb 2, 201730-year fixed mortgage: 4.17% · Feb 9, 201730-year fixed mortgage: 4.15% · Feb 16, 201730-year fixed mortgage: 4.16% · Feb 23, 201730-year fixed mortgage: 4.10% · Mar 2, 201730-year fixed mortgage: 4.21% · Mar 9, 201730-year fixed mortgage: 4.30% · Mar 16, 201730-year fixed mortgage: 4.23% · Mar 23, 201730-year fixed mortgage: 4.14% · Mar 30, 201730-year fixed mortgage: 4.10% · Apr 6, 201730-year fixed mortgage: 4.08% · Apr 13, 201730-year fixed mortgage: 3.97% · Apr 20, 201730-year fixed mortgage: 4.03% · Apr 27, 201730-year fixed mortgage: 4.02% · May 4, 201730-year fixed mortgage: 4.05% · May 11, 201730-year fixed mortgage: 4.02% · May 18, 201730-year fixed mortgage: 3.95% · May 25, 201730-year fixed mortgage: 3.94% · Jun 1, 201730-year fixed mortgage: 3.89% · Jun 8, 201730-year fixed mortgage: 3.91% · Jun 15, 201730-year fixed mortgage: 3.90% · Jun 22, 201730-year fixed mortgage: 3.88% · Jun 29, 201730-year fixed mortgage: 3.96% · Jul 6, 201730-year fixed mortgage: 4.03% · Jul 13, 201730-year fixed mortgage: 3.96% · Jul 20, 201730-year fixed mortgage: 3.92% · Jul 27, 201710-year Treasury: 2.49% · Jan 30, 201710-year Treasury: 2.45% · Jan 31, 201710-year Treasury: 2.48% · Feb 1, 201710-year Treasury: 2.48% · Feb 2, 201710-year Treasury: 2.49% · Feb 3, 201710-year Treasury: 2.42% · Feb 6, 201710-year Treasury: 2.40% · Feb 7, 201710-year Treasury: 2.34% · Feb 8, 201710-year Treasury: 2.40% · Feb 9, 201710-year Treasury: 2.41% · Feb 10, 201710-year Treasury: 2.43% · Feb 13, 201710-year Treasury: 2.47% · Feb 14, 201710-year Treasury: 2.51% · Feb 15, 201710-year Treasury: 2.45% · Feb 16, 201710-year Treasury: 2.42% · Feb 17, 201710-year Treasury: 2.43% · Feb 21, 201710-year Treasury: 2.42% · Feb 22, 201710-year Treasury: 2.38% · Feb 23, 201710-year Treasury: 2.31% · Feb 24, 201710-year Treasury: 2.36% · Feb 27, 201710-year Treasury: 2.36% · Feb 28, 201710-year Treasury: 2.46% · Mar 1, 201710-year Treasury: 2.49% · Mar 2, 201710-year Treasury: 2.49% · Mar 3, 201710-year Treasury: 2.49% · Mar 6, 201710-year Treasury: 2.52% · Mar 7, 201710-year Treasury: 2.57% · Mar 8, 201710-year Treasury: 2.60% · Mar 9, 201710-year Treasury: 2.58% · Mar 10, 201710-year Treasury: 2.62% · Mar 13, 201710-year Treasury: 2.60% · Mar 14, 201710-year Treasury: 2.51% · Mar 15, 201710-year Treasury: 2.53% · Mar 16, 201710-year Treasury: 2.50% · Mar 17, 201710-year Treasury: 2.47% · Mar 20, 201710-year Treasury: 2.43% · Mar 21, 201710-year Treasury: 2.40% · Mar 22, 201710-year Treasury: 2.41% · Mar 23, 201710-year Treasury: 2.40% · Mar 24, 201710-year Treasury: 2.38% · Mar 27, 201710-year Treasury: 2.42% · Mar 28, 201710-year Treasury: 2.39% · Mar 29, 201710-year Treasury: 2.42% · Mar 30, 201710-year Treasury: 2.40% · Mar 31, 201710-year Treasury: 2.35% · Apr 3, 201710-year Treasury: 2.36% · Apr 4, 201710-year Treasury: 2.34% · Apr 5, 201710-year Treasury: 2.34% · Apr 6, 201710-year Treasury: 2.38% · Apr 7, 201710-year Treasury: 2.37% · Apr 10, 201710-year Treasury: 2.32% · Apr 11, 201710-year Treasury: 2.28% · Apr 12, 201710-year Treasury: 2.24% · Apr 13, 201710-year Treasury: 2.26% · Apr 17, 201710-year Treasury: 2.18% · Apr 18, 201710-year Treasury: 2.21% · Apr 19, 201710-year Treasury: 2.24% · Apr 20, 201710-year Treasury: 2.24% · Apr 21, 201710-year Treasury: 2.28% · Apr 24, 201710-year Treasury: 2.35% · Apr 25, 201710-year Treasury: 2.32% · Apr 26, 201710-year Treasury: 2.30% · Apr 27, 201710-year Treasury: 2.29% · Apr 28, 201710-year Treasury: 2.33% · May 1, 201710-year Treasury: 2.29% · May 2, 201710-year Treasury: 2.33% · May 3, 201710-year Treasury: 2.36% · May 4, 201710-year Treasury: 2.36% · May 5, 201710-year Treasury: 2.39% · May 8, 201710-year Treasury: 2.42% · May 9, 201710-year Treasury: 2.41% · May 10, 201710-year Treasury: 2.39% · May 11, 201710-year Treasury: 2.33% · May 12, 201710-year Treasury: 2.34% · May 15, 201710-year Treasury: 2.33% · May 16, 201710-year Treasury: 2.22% · May 17, 201710-year Treasury: 2.23% · May 18, 201710-year Treasury: 2.23% · May 19, 201710-year Treasury: 2.25% · May 22, 201710-year Treasury: 2.29% · May 23, 201710-year Treasury: 2.26% · May 24, 201710-year Treasury: 2.25% · May 25, 201710-year Treasury: 2.25% · May 26, 201710-year Treasury: 2.21% · May 30, 201710-year Treasury: 2.21% · May 31, 201710-year Treasury: 2.21% · Jun 1, 201710-year Treasury: 2.15% · Jun 2, 201710-year Treasury: 2.18% · Jun 5, 201710-year Treasury: 2.14% · Jun 6, 201710-year Treasury: 2.18% · Jun 7, 201710-year Treasury: 2.19% · Jun 8, 201710-year Treasury: 2.21% · Jun 9, 201710-year Treasury: 2.21% · Jun 12, 201710-year Treasury: 2.21% · Jun 13, 201710-year Treasury: 2.15% · Jun 14, 201710-year Treasury: 2.16% · Jun 15, 201710-year Treasury: 2.16% · Jun 16, 201710-year Treasury: 2.19% · Jun 19, 201710-year Treasury: 2.16% · Jun 20, 201710-year Treasury: 2.16% · Jun 21, 201710-year Treasury: 2.15% · Jun 22, 201710-year Treasury: 2.15% · Jun 23, 201710-year Treasury: 2.14% · Jun 26, 201710-year Treasury: 2.21% · Jun 27, 201710-year Treasury: 2.22% · Jun 28, 201710-year Treasury: 2.27% · Jun 29, 201710-year Treasury: 2.31% · Jun 30, 201710-year Treasury: 2.35% · Jul 3, 201710-year Treasury: 2.33% · Jul 5, 201710-year Treasury: 2.37% · Jul 6, 201710-year Treasury: 2.39% · Jul 7, 201710-year Treasury: 2.38% · Jul 10, 201710-year Treasury: 2.37% · Jul 11, 201710-year Treasury: 2.33% · Jul 12, 201710-year Treasury: 2.35% · Jul 13, 201710-year Treasury: 2.33% · Jul 14, 201710-year Treasury: 2.31% · Jul 17, 201710-year Treasury: 2.27% · Jul 18, 201710-year Treasury: 2.27% · Jul 19, 201710-year Treasury: 2.27% · Jul 20, 201710-year Treasury: 2.24% · Jul 21, 201710-year Treasury: 2.26% · Jul 24, 201710-year Treasury: 2.33% · Jul 25, 201710-year Treasury: 2.29% · Jul 26, 201710-year Treasury: 2.32% · Jul 27, 201710-year Treasury: 2.30% · Jul 28, 2017Jan 28, 2017Apr 28, 2017Jul 28, 2017
30-year fixed mortgage26 observations10-year Treasury126 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$1,437.44/month

4.03% · Apr 27, 2017

At the later reference$1,423.61/month

3.95% · May 25, 2017

The illustrative principal-and-interest payment is $13.83 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 →