US civilian worker compensation growth likely continued a pace during the spring

The Employment Cost Index (ECI) for all civilian workers, the Bureau of Labor Statistics' broadest measure of worker compensation, likely climbed by 0.7% over the three months ended June, matching the advance recorded during the winter quarter.

The composition of the projected gain, however, probably will be slightly different than that posted in Q1. Echoing the deceleration in average hourly earnings witnessed in the government's monthly employment report, wage and salary growth likely slowed by one tick to 0.6% during the spring stanza.

According to Societe Generale,

• Benefit costs are expected to pick up the slack during the reference period, however. 
• Reminiscent of last year's marked acceleration, non-wage and salary costs are forecast to climb by 1.0%, after a 0.6% advance over the January-March span 
• These projections, if realised would place the ECI 2.5% above its year-ago level.