Compensation costs for civilian workers increased 1.2 percent, seasonally adjusted, for the 3-month period ending in March 2024, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.1 percent and benefit…
Source: U.S. Bureau of Labor Statistics2 min read
Historical releaseThe figures below describe the original reporting period. They are not today’s rates or a current economic forecast.Today’s market brief →
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 1.2 percent, seasonally adjusted, for the 3-month period ending in March 2024, the U.S. Bureau of Labor Statistics reported today. Wages and salaries increased 1.1 percent and benefit costs increased 1.1 percent from December 2023. (See tables A, 1, 2, and 3.)
Compensation costs for civilian workers increased 4.2 percent for the 12-month period ending in March 2024 and increased 4.8 percent in March 2023. Wages and salaries increased 4.4 percent for the 12-month period ending in March 2024 and increased 5.0 percent for the 12-month period ending in March 2023. Benefit costs increased 3.7 percent over the year and increased 4.5 percent for the 12-month period ending in March 2023. (See tables A, 4, 8, and 12.)
Compensation costs for private industry workers increased 4.1 percent over the year. In March 2023, the increase was 4.8 percent. Wages and salaries increased 4.3 percent for the 12-month period ending in March 2024 and increased 5.1 percent in March 2023. The cost of benefits increased 3.6 percent for the 12-month period ending in March 2024 and increased 4.3 percent in March 2023. Inflation-adjusted (constant dollar) compensation costs for private industry workers increased 0.6 percent for the 12-month period ending in March 2024. Inflation-adjusted wages and salaries increased 0.8 percent for the 12 months ending March 2024. Inflation-adjusted benefit costs in the private sector increased 0.1 percent over that same period. (See tables A, 5, 9, and 12.)
Within private industry by bargaining status, compensation costs increased 5.3 percent for union workers and 3.9 percent for nonunion workers for the 12-month period ending in March 2024. Wages and salaries increased 6.3 percent for union workers and 4.1 percent for nonunion workers for the 12-month period ending in March 2024. Benefit costs increased 3.8 percent for union workers and 3.6 percent for nonunion workers for the period ending in March 2024.(See tables 6, 10, and 12.)
Compensation costs for state and local government workers increased 4.8 percent for the 12-month period ending in March 2024, and increased 4.9 percent in the period ending in March 2023. Wages and salaries increased 5.0 percent for the 12-month period ending in March 2024 and increased 4.7 percent a year ago. Benefit costs increased 4.5 percent for the 12-month period ending in March 2024. The prior year increase was 5.0 percent. (See tables A, 7, 11, and 12.)
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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
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.
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$2,030.28/month
7.17% · Apr 25, 2024
At the later reference$2,001.96/month
7.03% · May 30, 2024
The illustrative principal-and-interest payment is $28.32 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
Freddie Mac Primary Mortgage Market Survey®: available observations from Apr 2, 1971 through Nov 5, 2026. Cached history snapshot. History retrieved or verified Nov 11, 2026.
U.S. Department of the Treasury: available observations from Jan 4, 2016 through Nov 10, 2026. Cached history snapshot. History retrieved or verified Nov 11, 2026.
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.