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

Jobs · ORIGINAL ECONOMIC RELEASE

March 2019 Employment Cost Index

Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the 3-month period ending in March 2019, 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.

(NOTE: This news release was reissued on April 30, 2019. Tables A, 1, 2, and 3 were corrected to show revised seasonally adjusted data for previous quarters.)

Compensation costs for civilian workers increased 0.7 percent, seasonally adjusted, for the 3-month period ending in March 2019, the U.S. Bureau of Labor Statistics reported today. Wages and salaries (which make up about 70 percent of compensation costs) increased 0.7 percent and benefit costs (which make up the remaining 30 percent of compensation) also increased 0.7 percent from December 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 March 2019 compared with a compensation costs increase of 2.7 percent in March 2018. Wages and salaries increased 2.9 percent for the 12- month period ending in March 2019 and increased 2.7 percent for the 12-month period ending in March 2018. Benefit costs increased 2.6 percent for the 12-month period ending in March 2019. In March 2018, the increase was also 2.6 percent. (See tables A, 4, 8, and 12.)

Private Industry Workers

Compensation costs for private industry workers increased 2.8 percent over the year, the same increase as in March 2018. Wages and salaries increased 3.0 percent for the 12-month period ending in March 2019 and increased 2.9 percent in March 2018. The cost of benefits rose 2.4 percent for the 12-month period ending in March 2019 and increased 2.5 percent in March 2018. (See tables A, 5, 9, and 12.)

Employer costs for health benefits increased 1.9 percent for the 12-month period ending in March 2019. (For further information, see chart 3 and 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 2019 ranged from 2.3 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 12- month period ending in March 2019 ranged from 2.2 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 3.0 percent for the 12-month period ending in March 2019. In March 2018, the increase was 2.2 percent. Wages and salaries increased 2.5 percent for the 12-month period ending in March 2019, compared with 1.8 percent a year ago. Benefit costs increased 3.6 percent for the 12-month period ending in March 2019. The prior year increase was 3.0 percent. (See tables A, 7, 11, and 12.)

The Employment Cost Index for June 2019 is scheduled for release on July 31, 2019, 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.

Videos and information graphics explaining the Employment Cost Index and how it is used are available at www.bls.gov/eci/videos.htm.

Highlights of recent National Compensation Survey data are available in The Economics Daily at www.bls.gov/opub/ted/national-compensation-survey.htm.

An overview of available BLS compensation measures and an interactive guide on choosing among them, are available at 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.

Detailed information on seasonal factors for the 2019 reference year and the revisions of historical seasonally adjusted data for the most recent 5 years can be found at www.bls.gov/ncs/ect/ ectsfact.htm.

Source: U.S. Bureau of Labor Statistics · Original release Apr 30, 2019.

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 31, 2019Publication referenceApr 30, 201930 days laterMay 30, 2019
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®4.06%Observed 4.20%Observed +14 bps vs. earlier reference3.99%Observed −21 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury2.41%Observed 2.51%Observed +10 bps vs. earlier reference2.22%Observed −29 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 30, 2019 – Jul 30, 2019
Historical mortgage and Treasury observations around Apr 30, 2019Each 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.1.50%3.00%4.50%Publication date30-year fixed mortgage: 4.46% · Jan 31, 201930-year fixed mortgage: 4.41% · Feb 7, 201930-year fixed mortgage: 4.37% · Feb 14, 201930-year fixed mortgage: 4.35% · Feb 21, 201930-year fixed mortgage: 4.35% · Feb 28, 201930-year fixed mortgage: 4.41% · Mar 7, 201930-year fixed mortgage: 4.31% · Mar 14, 201930-year fixed mortgage: 4.28% · Mar 21, 201930-year fixed mortgage: 4.06% · Mar 28, 201930-year fixed mortgage: 4.08% · Apr 4, 201930-year fixed mortgage: 4.12% · Apr 11, 201930-year fixed mortgage: 4.17% · Apr 18, 201930-year fixed mortgage: 4.20% · Apr 25, 201930-year fixed mortgage: 4.14% · May 2, 201930-year fixed mortgage: 4.10% · May 9, 201930-year fixed mortgage: 4.07% · May 16, 201930-year fixed mortgage: 4.06% · May 23, 201930-year fixed mortgage: 3.99% · May 30, 201930-year fixed mortgage: 3.82% · Jun 6, 201930-year fixed mortgage: 3.82% · Jun 13, 201930-year fixed mortgage: 3.84% · Jun 20, 201930-year fixed mortgage: 3.73% · Jun 27, 201930-year fixed mortgage: 3.75% · Jul 3, 201930-year fixed mortgage: 3.75% · Jul 11, 201930-year fixed mortgage: 3.81% · Jul 18, 201930-year fixed mortgage: 3.75% · Jul 25, 201910-year Treasury: 2.70% · Jan 30, 201910-year Treasury: 2.63% · Jan 31, 201910-year Treasury: 2.70% · Feb 1, 201910-year Treasury: 2.73% · Feb 4, 201910-year Treasury: 2.71% · Feb 5, 201910-year Treasury: 2.70% · Feb 6, 201910-year Treasury: 2.65% · Feb 7, 201910-year Treasury: 2.63% · Feb 8, 201910-year Treasury: 2.65% · Feb 11, 201910-year Treasury: 2.68% · Feb 12, 201910-year Treasury: 2.71% · Feb 13, 201910-year Treasury: 2.66% · Feb 14, 201910-year Treasury: 2.66% · Feb 15, 201910-year Treasury: 2.65% · Feb 19, 201910-year Treasury: 2.65% · Feb 20, 201910-year Treasury: 2.69% · Feb 21, 201910-year Treasury: 2.65% · Feb 22, 201910-year Treasury: 2.67% · Feb 25, 201910-year Treasury: 2.64% · Feb 26, 201910-year Treasury: 2.69% · Feb 27, 201910-year Treasury: 2.73% · Feb 28, 201910-year Treasury: 2.76% · Mar 1, 201910-year Treasury: 2.72% · Mar 4, 201910-year Treasury: 2.72% · Mar 5, 201910-year Treasury: 2.69% · Mar 6, 201910-year Treasury: 2.64% · Mar 7, 201910-year Treasury: 2.62% · Mar 8, 201910-year Treasury: 2.64% · Mar 11, 201910-year Treasury: 2.61% · Mar 12, 201910-year Treasury: 2.61% · Mar 13, 201910-year Treasury: 2.63% · Mar 14, 201910-year Treasury: 2.59% · Mar 15, 201910-year Treasury: 2.60% · Mar 18, 201910-year Treasury: 2.61% · Mar 19, 201910-year Treasury: 2.54% · Mar 20, 201910-year Treasury: 2.54% · Mar 21, 201910-year Treasury: 2.44% · Mar 22, 201910-year Treasury: 2.43% · Mar 25, 201910-year Treasury: 2.41% · Mar 26, 201910-year Treasury: 2.39% · Mar 27, 201910-year Treasury: 2.39% · Mar 28, 201910-year Treasury: 2.41% · Mar 29, 201910-year Treasury: 2.49% · Apr 1, 201910-year Treasury: 2.48% · Apr 2, 201910-year Treasury: 2.52% · Apr 3, 201910-year Treasury: 2.51% · Apr 4, 201910-year Treasury: 2.50% · Apr 5, 201910-year Treasury: 2.52% · Apr 8, 201910-year Treasury: 2.51% · Apr 9, 201910-year Treasury: 2.48% · Apr 10, 201910-year Treasury: 2.51% · Apr 11, 201910-year Treasury: 2.56% · Apr 12, 201910-year Treasury: 2.55% · Apr 15, 201910-year Treasury: 2.60% · Apr 16, 201910-year Treasury: 2.59% · Apr 17, 201910-year Treasury: 2.57% · Apr 18, 201910-year Treasury: 2.59% · Apr 22, 201910-year Treasury: 2.57% · Apr 23, 201910-year Treasury: 2.53% · Apr 24, 201910-year Treasury: 2.54% · Apr 25, 201910-year Treasury: 2.51% · Apr 26, 201910-year Treasury: 2.54% · Apr 29, 201910-year Treasury: 2.51% · Apr 30, 201910-year Treasury: 2.52% · May 1, 201910-year Treasury: 2.55% · May 2, 201910-year Treasury: 2.54% · May 3, 201910-year Treasury: 2.51% · May 6, 201910-year Treasury: 2.45% · May 7, 201910-year Treasury: 2.49% · May 8, 201910-year Treasury: 2.45% · May 9, 201910-year Treasury: 2.47% · May 10, 201910-year Treasury: 2.40% · May 13, 201910-year Treasury: 2.42% · May 14, 201910-year Treasury: 2.37% · May 15, 201910-year Treasury: 2.40% · May 16, 201910-year Treasury: 2.39% · May 17, 201910-year Treasury: 2.41% · May 20, 201910-year Treasury: 2.43% · May 21, 201910-year Treasury: 2.39% · May 22, 201910-year Treasury: 2.31% · May 23, 201910-year Treasury: 2.32% · May 24, 201910-year Treasury: 2.26% · May 28, 201910-year Treasury: 2.25% · May 29, 201910-year Treasury: 2.22% · May 30, 201910-year Treasury: 2.14% · May 31, 201910-year Treasury: 2.07% · Jun 3, 201910-year Treasury: 2.12% · Jun 4, 201910-year Treasury: 2.12% · Jun 5, 201910-year Treasury: 2.12% · Jun 6, 201910-year Treasury: 2.09% · Jun 7, 201910-year Treasury: 2.15% · Jun 10, 201910-year Treasury: 2.15% · Jun 11, 201910-year Treasury: 2.13% · Jun 12, 201910-year Treasury: 2.10% · Jun 13, 201910-year Treasury: 2.09% · Jun 14, 201910-year Treasury: 2.09% · Jun 17, 201910-year Treasury: 2.06% · Jun 18, 201910-year Treasury: 2.03% · Jun 19, 201910-year Treasury: 2.01% · Jun 20, 201910-year Treasury: 2.07% · Jun 21, 201910-year Treasury: 2.02% · Jun 24, 201910-year Treasury: 2.00% · Jun 25, 201910-year Treasury: 2.05% · Jun 26, 201910-year Treasury: 2.01% · Jun 27, 201910-year Treasury: 2.00% · Jun 28, 201910-year Treasury: 2.03% · Jul 1, 201910-year Treasury: 1.98% · Jul 2, 201910-year Treasury: 1.96% · Jul 3, 201910-year Treasury: 2.04% · Jul 5, 201910-year Treasury: 2.05% · Jul 8, 201910-year Treasury: 2.07% · Jul 9, 201910-year Treasury: 2.07% · Jul 10, 201910-year Treasury: 2.13% · Jul 11, 201910-year Treasury: 2.12% · Jul 12, 201910-year Treasury: 2.09% · Jul 15, 201910-year Treasury: 2.13% · Jul 16, 201910-year Treasury: 2.06% · Jul 17, 201910-year Treasury: 2.04% · Jul 18, 201910-year Treasury: 2.05% · Jul 19, 201910-year Treasury: 2.05% · Jul 22, 201910-year Treasury: 2.08% · Jul 23, 201910-year Treasury: 2.05% · Jul 24, 201910-year Treasury: 2.08% · Jul 25, 201910-year Treasury: 2.08% · Jul 26, 201910-year Treasury: 2.06% · Jul 29, 201910-year Treasury: 2.06% · Jul 30, 2019Jan 30, 2019Apr 30, 2019Jul 30, 2019
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$1,467.05/month

4.20% · Apr 25, 2019

At the later reference$1,430.52/month

3.99% · May 30, 2019

The illustrative principal-and-interest payment is $36.53 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 →