Employers spent more on employees' overall compensation in March, according to figures released today, although momentum may be starting to slow as inflation continues to dip.

According to the latest Employer Costs for Employee Compensation report, released June 16 by the U.S. Bureau of Labor Statistics (BLS), employers spent 1.4 percent more on wages and benefits in March 2023 compared to December 2022. Total employer compensation costs for private-industry workers averaged $40.79 per hour worked. Wages and salaries averaged $28.76 per hour worked, accounting for 70.5 percent of employer costs, while benefits costs averaged $12.02 per hour worked, accounting for the remaining 29.5 percent, according to the report. READ MORE