• The Employment Cost Index for Q1 came in at 1.2%, exceeding the expected 1.0%.
  • The prior quarter recorded a growth of 0.9%, which was slightly below the expected 1.0%.

For Q1 2024:

  • The Employment Cost Index grew by 1.2%, compared to the anticipated 1.0%.
  • Wages increased by 1.1%, up from 0.9% in the previous month.
  • Benefits also rose by 1.1%, compared to 0.7% last month.

Year-on-year (YoY) comparisons show lower numbers compared to the previous year but still elevated:

  • Overall compensation costs increased by 4.2% for the year ending in March 2024, down from a 4.8% increase in the previous year (March 2023).
  • Wages and salaries rose by 4.4% for the year ending in March 2024, compared to a 5.0% increase in the year ending in March 2023.
  • Benefit costs increased by 3.7% for the year ending in March 2024, down from a 4.5% increase in the year ending in March 2023.