Pay and Benefits for Private Industry Workers Rose 5.5% in the Year Ending June 30th
In the year ending June 30, 2022, pay and benefits for private industry workers increased 5.5%, with wages and salaries increasing 5.7% and the cost of benefits increasing 5.3%, according to the U.S. Bureau of Labor Statistics. Within occupational groups, compensation costs for leisure and hospitality workers increased 7.8%. After accounting for inflation, though, real wages and salaries for all private industry workers declined 3.1%, and the value of benefits declined 3.5%. Interestingly, the cost of wages and salaries for…