Posted on May - 04 - 2011
Compensation costs rise 2.8% in Boston metro area
BOSTON – The total compensation costs for private industry workers increased 2.8 percent in the Boston-Worcester, Mass.-Manchester-N.H. metropolitan area for the year ended in March, the U.S. Bureau of Labor Statistics said Wednesday.
The 2.8 percent hike compares to a 2.0 percent increase a year earlier. Wages and salaries, the largest component of compensation costs, advanced 2.3 percent.
Nationally, compensation costs rose 2.0 percent as wages and salaries grew 1.6 percent.
The Boston metropolitan area is the closest relevant data to Providence. The Bureau also breaks down data two other areas in the Northeast including: New York-Newark-Bridgeport and Philadelphia-Camden-Vineland.
The New York metropolitan area compensation costs advanced 2.4 percent while Philadelphia matched the Boston area’s increase, at 2.8 percent. Wages and salaries increased by 1.9 percent in both the New York and Philadelphia metropolitan areas.
The Northeast increased 2.3 percent in March for the 12-month period, outpacing both the South, 1.7 percent, and the Midwest, 2.1 percent, but was less than the West, 2.7 percent.
The Boston metropolitan area’s increase of 2.8 percent in compensation costs for the year ended March 2011, was larger than in March 2010, 2.0 percent, but lower than previous years in the same month: in 2009, 3.5 percent, in 2008, 3.0 percent, and in 2007, 3.5 percent.
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