Definitions for "Employment Cost Index"
Keywords:  eci, bls, wage, labor, quarterly
An index used to monitor inflation. The Employment Cost Index measures the relative...
An index of the cost of an hour of labor--comprising the cost to the employer for wage or salary payments, employee benefits, and contributions for social insurance. The ECI is unaffected by changes in the mix of occupations and of employment by industry. (BLS)
A fixed, employment-weighted index which tracks quarterly changes in labor costs (wages, salaries, and employer costs for employee benefits), free from the influence of employment shifts among occupations and industries. Occupations in the private sector and state and local governments are surveyed. The ECI is published quarterly by the Bureau of Labor Statistics.