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

Jobs · ORIGINAL ECONOMIC RELEASE

September 2018 Employment Cost Index

Compensation costs for civilian workers increased 0.8 percent, seasonally adjusted, for the 3-month period ending in September 2018, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent…

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 September 2018, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.9 percent and benefit costs (which make up the remaining 30 percent of compensation) increased 0.4 percent from June 2018. (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 September 2018 compared with a compensation costs increase of 2.5 percent in September 2017. Wages and salaries increased 2.9 percent for the 12-month period ending in September 2018 and increased 2.5 percent for the 12-month period ending in September 2017. Benefit costs increased 2.6 percent for the 12-month period ending in September 2018. In September 2017, the increase was 2.4 percent. (See tables A, 4, 8, and 12.)

Private Industry Workers

Compensation costs for private industry workers increased 2.9 percent over the year and increased 2.5 percent in September 2017. Wages and salaries increased 3.1 percent for the 12-month period ending in September 2018 and increased 2.6 percent in September 2017. The cost of benefits rose 2.5 percent for the 12-month period ending in September 2018 and increased 2.4 percent in September 2017. (See tables A, 5, 9, and 12.)

Employer costs for health benefits increased 1.9 percent for the 12-month period ending in September 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 September 2018 ranged from 2.5 percent for both management, professional, and related and natural resources, construction, and maintenance occupations to 3.5 percent for both sales and office and service occupations.(See table 5.)

Among industry supersectors, compensation cost increases for private industry workers for the 12-month period ending in September 2018 ranged from 1.9 percent for manufacturing to 4.8 percent for information. (See table 5.)

State and Local Government Workers

Compensation costs for state and local government workers increased 2.5 percent for the 12-month period ending in September 2018. In September 2017, the increase was 2.4 percent. Wages and salaries increased 2.3 percent for the 12-month period ending in September 2018, compared with 2.0 percent a year ago. Benefit costs increased 3.1 percent for the 12-month period ending in September 2018. The prior year increase was 3.0 percent. (See tables A, 7, 11, and 12.)

The Employment Cost Index for December 2018 is scheduled for release on January 31, 2019, at 8:30 a.m. (EST).

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.

For links to an overview of available BLS compensation measures and an interactive guide on choosing among them, see the BLS Commissioner’s Corner on “Making it Easier to Find Data on Pay and Benefits” at blogs.bls.gov/blog/2018/10/24/making-it-easier-to-find-data-on-pay-and-benefits.

Source: U.S. Bureau of Labor Statistics · Original release Oct 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 earlierOct 1, 2018Publication referenceOct 31, 201830 days laterNov 30, 2018
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®4.72%Observed 4.86%Observed +14 bps vs. earlier reference4.81%Observed −5 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury3.09%Observed 3.15%Observed +6 bps vs. earlier reference3.01%Observed −14 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

Jul 31, 2018 – Jan 31, 2019
Historical mortgage and Treasury observations around Oct 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: 4.60% · 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, 201830-year fixed mortgage: 4.83% · Nov 1, 201830-year fixed mortgage: 4.94% · Nov 8, 201830-year fixed mortgage: 4.94% · Nov 15, 201830-year fixed mortgage: 4.81% · Nov 21, 201830-year fixed mortgage: 4.81% · Nov 29, 201830-year fixed mortgage: 4.75% · Dec 6, 201830-year fixed mortgage: 4.63% · Dec 13, 201830-year fixed mortgage: 4.62% · Dec 20, 201830-year fixed mortgage: 4.55% · Dec 27, 201830-year fixed mortgage: 4.51% · Jan 3, 201930-year fixed mortgage: 4.45% · Jan 10, 201930-year fixed mortgage: 4.45% · Jan 17, 201930-year fixed mortgage: 4.45% · Jan 24, 201930-year fixed mortgage: 4.46% · Jan 31, 201910-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, 201810-year Treasury: 3.14% · Nov 1, 201810-year Treasury: 3.22% · Nov 2, 201810-year Treasury: 3.20% · Nov 5, 201810-year Treasury: 3.22% · Nov 6, 201810-year Treasury: 3.22% · Nov 7, 201810-year Treasury: 3.24% · Nov 8, 201810-year Treasury: 3.19% · Nov 9, 201810-year Treasury: 3.14% · Nov 13, 201810-year Treasury: 3.12% · Nov 14, 201810-year Treasury: 3.11% · Nov 15, 201810-year Treasury: 3.08% · Nov 16, 201810-year Treasury: 3.06% · Nov 19, 201810-year Treasury: 3.06% · Nov 20, 201810-year Treasury: 3.06% · Nov 21, 201810-year Treasury: 3.05% · Nov 23, 201810-year Treasury: 3.07% · Nov 26, 201810-year Treasury: 3.06% · Nov 27, 201810-year Treasury: 3.06% · Nov 28, 201810-year Treasury: 3.03% · Nov 29, 201810-year Treasury: 3.01% · Nov 30, 201810-year Treasury: 2.98% · Dec 3, 201810-year Treasury: 2.91% · Dec 4, 201810-year Treasury: 2.87% · Dec 6, 201810-year Treasury: 2.85% · Dec 7, 201810-year Treasury: 2.85% · Dec 10, 201810-year Treasury: 2.89% · Dec 11, 201810-year Treasury: 2.91% · Dec 12, 201810-year Treasury: 2.91% · Dec 13, 201810-year Treasury: 2.89% · Dec 14, 201810-year Treasury: 2.86% · Dec 17, 201810-year Treasury: 2.82% · Dec 18, 201810-year Treasury: 2.77% · Dec 19, 201810-year Treasury: 2.79% · Dec 20, 201810-year Treasury: 2.79% · Dec 21, 201810-year Treasury: 2.74% · Dec 24, 201810-year Treasury: 2.81% · Dec 26, 201810-year Treasury: 2.77% · Dec 27, 201810-year Treasury: 2.72% · Dec 28, 201810-year Treasury: 2.69% · Dec 31, 201810-year Treasury: 2.66% · Jan 2, 201910-year Treasury: 2.56% · Jan 3, 201910-year Treasury: 2.67% · Jan 4, 201910-year Treasury: 2.70% · Jan 7, 201910-year Treasury: 2.73% · Jan 8, 201910-year Treasury: 2.74% · Jan 9, 201910-year Treasury: 2.74% · Jan 10, 201910-year Treasury: 2.71% · Jan 11, 201910-year Treasury: 2.71% · Jan 14, 201910-year Treasury: 2.72% · Jan 15, 201910-year Treasury: 2.73% · Jan 16, 201910-year Treasury: 2.75% · Jan 17, 201910-year Treasury: 2.79% · Jan 18, 201910-year Treasury: 2.74% · Jan 22, 201910-year Treasury: 2.76% · Jan 23, 201910-year Treasury: 2.72% · Jan 24, 201910-year Treasury: 2.76% · Jan 25, 201910-year Treasury: 2.75% · Jan 28, 201910-year Treasury: 2.72% · Jan 29, 201910-year Treasury: 2.70% · Jan 30, 201910-year Treasury: 2.63% · Jan 31, 2019Jul 31, 2018Oct 31, 2018Jan 31, 2019
30-year fixed mortgage27 observations10-year Treasury125 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$1,584.89/month

4.86% · Oct 25, 2018

At the later reference$1,575.81/month

4.81% · Nov 29, 2018

The illustrative principal-and-interest payment is $9.08 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 →