Employment Cost Index: Wages and salaries for Private industry workers in the Midwest Census Region
CIU2020000000230I • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
169.52
Year-over-Year Change
12.26%
Date Range
1/1/2001 - 4/1/2025
Summary
The Employment Cost Index (ECI) measures changes in the cost of labor, including wages and salaries, for private industry workers in the Midwest Census Region. It is a key indicator of inflationary pressures and labor market conditions.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The ECI Wages and Salaries series tracks changes in total compensation costs for private industry workers in the Midwest region. It is a widely-used metric for assessing wage growth and labor market trends, providing insights into the state of the regional economy.
Methodology
The data is collected through the National Compensation Survey, a quarterly establishment survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
The ECI is closely monitored by the Federal Reserve and policymakers to help guide monetary policy decisions.
Key Facts
- The Midwest Census Region includes 12 states in the north-central United States.
- The ECI is published quarterly by the Bureau of Labor Statistics.
- Wage and salary costs make up approximately 70% of total employment compensation.
FAQs
Q: What does this economic trend measure?
A: The Employment Cost Index (ECI) Wages and Salaries series measures changes in the cost of labor, including wages and salaries, for private industry workers in the Midwest Census Region.
Q: Why is this trend relevant for users or analysts?
A: The ECI is a key indicator of inflationary pressures and labor market conditions, providing important insights into the state of the regional economy that are closely monitored by policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through the National Compensation Survey, a quarterly establishment survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The ECI is closely monitored by the Federal Reserve and policymakers to help guide monetary policy decisions, as it provides insights into wage growth and labor market trends.
Q: Are there update delays or limitations?
A: The ECI is published quarterly by the Bureau of Labor Statistics, with a typical release lag of approximately one month.
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Citation
U.S. Federal Reserve, Employment Cost Index: Wages and salaries for Private industry workers in the Midwest Census Region (CIU2020000000230I), retrieved from FRED.