Private Employment Wages Up 5.7% Over Past Year

According to the latest update from the U.S. Bureau of Labor Statistics, compensation costs for America’s private industry workers increased 5.5% over the 12-month period ending in June. Wages were up 5.7% for the period, while benefit costs grew 5.3%. Manufacturers saw a 4.9% year-over-year increase in wages.

Meanwhile, U.S. job openings fell for the third straight month in June, according to this insight from OMA Connections Partner RSM. Manufacturing openings remain elevated, but contracted in June for the second consecutive month, dropping to 790,000 from April’s record 1,017,000.

The number of Americans filing for unemployment benefits edged higher last week, hovering near the highest level of the year — while Ohio has seen three straight weeks of declining jobless claims. 8/3/2022