Compensation costs for civilian workers increased 1.2 percent, seasonally adjusted, for the 3-month period ending in March 2023, the U.S. Bureau of Labor Statistics reported. Wages and salaries increased 1.2 percent and benefit costs increased 1.2 percent from December 2022.
Compensation costs for civilian workers increased 4.8 percent for the 12-month period ending in
March 2023 and increased 4.5 percent in March 2022. Wages and salaries increased 5.0 percent for
the 12-month period ending in March 2023 and increased 4.7 percent for the 12-month period ending in March 2022. Benefit costs increased 4.5 percent over the year and increased 4.1 percent for the 12-month period ending in March 2022.
Among private industry occupational groups, compensation cost increases for the 12-month period ending in March 2023 ranged from 4.3 percent for management, professional, and related occupations and natural resources, construction, and maintenance occupations, to 6.0 percent for service occupations. Within industry supersectors, compensation cost increases ranged from 4.2 percent for manufacturing to 5.9 percent for leisure and hospitality.
Real gross domestic product (GDP) increased at an annual rate of 1.1 percent in the first quarter of 2023 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.
The increase in real GDP reflected increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in private inventory investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
Current‑dollar GDP increased 5.1 percent at an annual rate, or $327.9 billion, in the first quarter, to a level of $26.47 trillion. In the fourth quarter, GDP increased 6.6 percent, or $414.1 billion.
The price index for gross domestic purchases increased 3.8 percent in the first quarter, compared with an increase of 3.6 percent in the fourth quarter. The PCE price index increased 4.2 percent, compared with an increase of 3.7 percent. Excluding food and energy prices, the PCE price index increased 4.9 percent, compared with an increase of 4.4 percent.
In Canada Real gross domestic product (GDP) edged up 0.1% in February, following a 0.6% increase in January. Both services-producing industries and goods-producing industries edged up 0.1%. Overall, 12 of 20 subsectors increased.
The public sector (educational services, health care and social assistance, and public administration combined) expanded 0.2% in February, up for the thirteenth consecutive month, with increases in all three subsectors.
The professional, scientific, and technical services sector rose 0.6% in February, as seven out of nine subsectors posted gains in the month. Computer systems design and related services (+0.9%) has posted uninterrupted gains since May 2021, and continues to be among the top contributors to growth in the sector.
Advance information indicates that real GDP edged down 0.1% in March. Decreases in retail and wholesale trade sectors, as well as in the mining and quarrying (except oil and gas) subsector were partially offset by increases in the public sector, in professional, scientific and technical services, and in administrative and support, waste management and remediation services. This advance information indicates a 0.6% increase in real GDP by industry in the first quarter of 2023. Owing to its preliminary nature, these estimates will be updated on May 31, 2023, with the release of the official GDP data for March and the first quarter of 2023.
