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

Jobs · ORIGINAL ECONOMIC RELEASE

June 2018 Employment Cost Index

Compensation costs for civilian workers increased 0.6 percent, seasonally adjusted, for the 3-month period ending in June 2018, 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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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 0.6 percent, seasonally adjusted, for the 3-month period ending in June 2018, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.5 percent and benefit costs (which make up the remaining 30 percent of compensation) increased 0.9 percent. (See tables A, 1, 2, and 3.)

Civilian Workers

Compensation costs for civilian workers increased 2.8 percent for the 12-month period ending in June 2018 compared with a compensation costs increase of 2.4 percent in June 2017. Wages and salaries increased 2.8 percent for the 12-month period ending in June 2018 and increased 2.3 percent for the 12-month period ending in June 2017. Benefit costs increased 2.9 percent for the 12-month period ending in June 2018. In June 2017, the increase was 2.5 percent. (See tables A, 4, 8, and 12.)

Private Industry Workers

Compensation costs for private industry workers increased 2.9 percent over the year, a larger increase than the 2.4 percent increase in June 2017. Wages and salaries increased 2.9 percent for the 12-month period ending in June 2018 and increased 2.4 percent in June 2017. The cost of benefits rose 2.8 percent for the 12-month period ending in June 2018 and increased 2.2 percent in June 2017. (See tables A, 5, 9, and 12.)

Employer costs for health benefits increased 1.6 percent for the 12-month period ending in June 2018. (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 June 2018 ranged from 2.4 percent for management, professional, and related occupations to 3.5 percent for sales and office occupations. (See table 5.)

Among industry supersectors, compensation cost increases for private industry workers for the 12- month period ending in June 2018 ranged from 2.2 percent for education and health services to 4.5 percent for information. (See table 5.)

State and Local Government

Compensation costs for state and local government workers increased 2.3 percent for the 12-month period ending in June 2018. In June 2017, the increase was 2.6 percent. Wages and salaries increased 1.9 percent for the 12-month period ending in June 2018, compared with 2.1 percent a year ago. Benefit costs increased 3.1 percent for the 12-month period ending in June 2018. The prior year increase was 3.2 percent. (See tables A, 7, 11, and 12.)

The Employment Cost Index for September 2018 is scheduled for release on October 31, 2018, at 8:30 a.m. (EDT).

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

For videos and information graphics explaining the Employment Cost Index and how it is used, see www.bls.gov/eci/videos.htm.

Source: U.S. Bureau of Labor Statistics · Original release Jul 31, 2018.

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 earlierJul 1, 2018Publication referenceJul 31, 201830 days laterAug 30, 2018
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®4.55%Observed 4.54%Observed −1 bps vs. earlier reference4.52%Observed −2 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury2.85%Observed 2.96%Observed +11 bps vs. earlier reference2.86%Observed −10 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

Apr 30, 2018 – Oct 31, 2018
Historical mortgage and Treasury observations around Jul 31, 2018Each 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.2.50%3.75%5.00%Publication date30-year fixed mortgage: 4.55% · May 3, 201830-year fixed mortgage: 4.55% · May 10, 201830-year fixed mortgage: 4.61% · May 17, 201830-year fixed mortgage: 4.66% · May 24, 201830-year fixed mortgage: 4.56% · May 31, 201830-year fixed mortgage: 4.54% · Jun 7, 201830-year fixed mortgage: 4.62% · Jun 14, 201830-year fixed mortgage: 4.57% · Jun 21, 201830-year fixed mortgage: 4.55% · Jun 28, 201830-year fixed mortgage: 4.52% · Jul 5, 201830-year fixed mortgage: 4.53% · Jul 12, 201830-year fixed mortgage: 4.52% · Jul 19, 201830-year fixed mortgage: 4.54% · Jul 26, 201830-year fixed mortgage: 4.60% · Aug 2, 201830-year fixed mortgage: 4.59% · Aug 9, 201830-year fixed mortgage: 4.53% · Aug 16, 201830-year fixed mortgage: 4.51% · Aug 23, 201830-year fixed mortgage: 4.52% · Aug 30, 201830-year fixed mortgage: 4.54% · Sep 6, 201830-year fixed mortgage: 4.60% · Sep 13, 201830-year fixed mortgage: 4.65% · Sep 20, 201830-year fixed mortgage: 4.72% · Sep 27, 201830-year fixed mortgage: 4.71% · Oct 4, 201830-year fixed mortgage: 4.90% · Oct 11, 201830-year fixed mortgage: 4.85% · Oct 18, 201830-year fixed mortgage: 4.86% · Oct 25, 201810-year Treasury: 2.95% · Apr 30, 201810-year Treasury: 2.97% · May 1, 201810-year Treasury: 2.97% · May 2, 201810-year Treasury: 2.94% · May 3, 201810-year Treasury: 2.95% · May 4, 201810-year Treasury: 2.95% · May 7, 201810-year Treasury: 2.97% · May 8, 201810-year Treasury: 3.00% · May 9, 201810-year Treasury: 2.97% · May 10, 201810-year Treasury: 2.97% · May 11, 201810-year Treasury: 3.00% · May 14, 201810-year Treasury: 3.08% · May 15, 201810-year Treasury: 3.09% · May 16, 201810-year Treasury: 3.11% · May 17, 201810-year Treasury: 3.06% · May 18, 201810-year Treasury: 3.06% · May 21, 201810-year Treasury: 3.06% · May 22, 201810-year Treasury: 3.01% · May 23, 201810-year Treasury: 2.98% · May 24, 201810-year Treasury: 2.93% · May 25, 201810-year Treasury: 2.77% · May 29, 201810-year Treasury: 2.84% · May 30, 201810-year Treasury: 2.83% · May 31, 201810-year Treasury: 2.89% · Jun 1, 201810-year Treasury: 2.94% · Jun 4, 201810-year Treasury: 2.92% · Jun 5, 201810-year Treasury: 2.97% · Jun 6, 201810-year Treasury: 2.93% · Jun 7, 201810-year Treasury: 2.93% · Jun 8, 201810-year Treasury: 2.96% · Jun 11, 201810-year Treasury: 2.96% · Jun 12, 201810-year Treasury: 2.98% · Jun 13, 201810-year Treasury: 2.94% · Jun 14, 201810-year Treasury: 2.93% · Jun 15, 201810-year Treasury: 2.92% · Jun 18, 201810-year Treasury: 2.89% · Jun 19, 201810-year Treasury: 2.93% · Jun 20, 201810-year Treasury: 2.90% · Jun 21, 201810-year Treasury: 2.90% · Jun 22, 201810-year Treasury: 2.87% · Jun 25, 201810-year Treasury: 2.88% · Jun 26, 201810-year Treasury: 2.83% · Jun 27, 201810-year Treasury: 2.84% · Jun 28, 201810-year Treasury: 2.85% · Jun 29, 201810-year Treasury: 2.87% · Jul 2, 201810-year Treasury: 2.83% · Jul 3, 201810-year Treasury: 2.84% · Jul 5, 201810-year Treasury: 2.82% · Jul 6, 201810-year Treasury: 2.86% · Jul 9, 201810-year Treasury: 2.87% · Jul 10, 201810-year Treasury: 2.85% · Jul 11, 201810-year Treasury: 2.85% · Jul 12, 201810-year Treasury: 2.83% · Jul 13, 201810-year Treasury: 2.85% · Jul 16, 201810-year Treasury: 2.86% · Jul 17, 201810-year Treasury: 2.88% · Jul 18, 201810-year Treasury: 2.84% · Jul 19, 201810-year Treasury: 2.89% · Jul 20, 201810-year Treasury: 2.96% · Jul 23, 201810-year Treasury: 2.95% · Jul 24, 201810-year Treasury: 2.94% · Jul 25, 201810-year Treasury: 2.98% · Jul 26, 201810-year Treasury: 2.96% · Jul 27, 201810-year Treasury: 2.98% · Jul 30, 201810-year Treasury: 2.96% · Jul 31, 201810-year Treasury: 3.00% · Aug 1, 201810-year Treasury: 2.98% · Aug 2, 201810-year Treasury: 2.95% · Aug 3, 201810-year Treasury: 2.94% · Aug 6, 201810-year Treasury: 2.98% · Aug 7, 201810-year Treasury: 2.96% · Aug 8, 201810-year Treasury: 2.93% · Aug 9, 201810-year Treasury: 2.87% · Aug 10, 201810-year Treasury: 2.88% · Aug 13, 201810-year Treasury: 2.89% · Aug 14, 201810-year Treasury: 2.86% · Aug 15, 201810-year Treasury: 2.87% · Aug 16, 201810-year Treasury: 2.87% · Aug 17, 201810-year Treasury: 2.82% · Aug 20, 201810-year Treasury: 2.85% · Aug 21, 201810-year Treasury: 2.82% · Aug 22, 201810-year Treasury: 2.82% · Aug 23, 201810-year Treasury: 2.82% · Aug 24, 201810-year Treasury: 2.85% · Aug 27, 201810-year Treasury: 2.88% · Aug 28, 201810-year Treasury: 2.89% · Aug 29, 201810-year Treasury: 2.86% · Aug 30, 201810-year Treasury: 2.86% · Aug 31, 201810-year Treasury: 2.90% · Sep 4, 201810-year Treasury: 2.90% · Sep 5, 201810-year Treasury: 2.88% · Sep 6, 201810-year Treasury: 2.94% · Sep 7, 201810-year Treasury: 2.94% · Sep 10, 201810-year Treasury: 2.98% · Sep 11, 201810-year Treasury: 2.97% · Sep 12, 201810-year Treasury: 2.97% · Sep 13, 201810-year Treasury: 2.99% · Sep 14, 201810-year Treasury: 2.99% · Sep 17, 201810-year Treasury: 3.05% · Sep 18, 201810-year Treasury: 3.08% · Sep 19, 201810-year Treasury: 3.07% · Sep 20, 201810-year Treasury: 3.07% · Sep 21, 201810-year Treasury: 3.08% · Sep 24, 201810-year Treasury: 3.10% · Sep 25, 201810-year Treasury: 3.06% · Sep 26, 201810-year Treasury: 3.06% · Sep 27, 201810-year Treasury: 3.05% · Sep 28, 201810-year Treasury: 3.09% · Oct 1, 201810-year Treasury: 3.05% · Oct 2, 201810-year Treasury: 3.15% · Oct 3, 201810-year Treasury: 3.19% · Oct 4, 201810-year Treasury: 3.23% · Oct 5, 201810-year Treasury: 3.21% · Oct 9, 201810-year Treasury: 3.22% · Oct 10, 201810-year Treasury: 3.14% · Oct 11, 201810-year Treasury: 3.15% · Oct 12, 201810-year Treasury: 3.16% · Oct 15, 201810-year Treasury: 3.16% · Oct 16, 201810-year Treasury: 3.19% · Oct 17, 201810-year Treasury: 3.17% · Oct 18, 201810-year Treasury: 3.20% · Oct 19, 201810-year Treasury: 3.20% · Oct 22, 201810-year Treasury: 3.17% · Oct 23, 201810-year Treasury: 3.10% · Oct 24, 201810-year Treasury: 3.14% · Oct 25, 201810-year Treasury: 3.08% · Oct 26, 201810-year Treasury: 3.08% · Oct 29, 201810-year Treasury: 3.12% · Oct 30, 201810-year Treasury: 3.15% · Oct 31, 2018Apr 30, 2018Jul 31, 2018Oct 31, 2018
30-year fixed mortgage26 observations10-year Treasury129 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$1,527.19/month

4.54% · Jul 26, 2018

At the later reference$1,523.62/month

4.52% · Aug 30, 2018

The illustrative principal-and-interest payment is $3.57 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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