The Bureau of Labor Statistics has released a report with revised data for the first quarter that shows that hourly compensation and labor costs increased at a much faster pace than the Bureau initially reported.
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Get Your Report Now!After revision, hourly compensation rose 13.7 percent in the first quarter and 6.6 percent in the second quarter, the bureau said. In an earlier report, the bureau had said hourly compensation rose by 6.9 percent rise in the first quarter and 5.4 percent in the second quarter.
The revised data mean that inflation-adjusted hourly compensation rose 11.3 percent in the first quarter and 1.6 percent in the second quarter of 2006, according to the Bureau's latest report.
The Bureau's revised data also show that labor costs grew at a faster clip than the bureau initially reported in August. Unit labor costs increased 9.0 percent in the first quarter and 4.9 percent in the second quarter of 2006, according to the revised report. In the August report, the Bureau said unit labor costs had increased by 2.5 percent in the first quarter and 4.2 percent second quarter.