Over the year of 2018, compensation costs for private industry workers went up by 3.0 percent, according to the Bureau of Labor Statistics. The last time it was this high was over a decade ago June 2008. Government workers had a smaller but still significant gain in compensation at 2.6 percent.
On a quarterly basis, compensation costs for all civilian workers increased by 0.7 percent from October to December 2018.
Not only are employees earning more, but they are getting more healthcare coverage as well. Employer costs for healthcare-related compensation went up by 1.8 percent in 2018.
Wages for private workers has been accelerating over the last few years, which continues to drive the economy, along with high employment.