Monetary Policy Report submitted to the Congress on February 27, 2008, pursuant to section 2B of the Federal Reserve Act
| Period | Nonfarm business compensation per hour | Employment cost index |
|---|---|---|
| 1997:Q1 | 2.8 | 3.0 |
| 1997:Q2 | 2.6 | 2.9 |
| 1997:Q3 | 2.8 | 3.1 |
| 1997:Q4 | 4.2 | 3.5 |
| 1998:Q1 | 5.5 | 3.6 |
| 1998:Q2 | 6.1 | 3.5 |
| 1998:Q3 | 6.8 | 3.9 |
| 1998:Q4 | 5.5 | 3.5 |
| 1999:Q1 | 5.5 | 2.9 |
| 1999:Q2 | 4.4 | 3.3 |
| 1999:Q3 | 3.7 | 3.0 |
| 1999:Q4 | 5.2 | 3.5 |
| 2000:Q1 | 6.9 | 4.6 |
| 2000:Q2 | 6.9 | 4.6 |
| 2000:Q3 | 8.0 | 4.7 |
| 2000:Q4 | 6.5 | 4.2 |
| 2001:Q1 | 4.5 | 4.2 |
| 2001:Q2 | 4.9 | 4.0 |
| 2001:Q3 | 3.4 | 4.0 |
| 2001:Q4 | 3.6 | 4.1 |
| 2002:Q1 | 3.5 | 3.8 |
| 2002:Q2 | 4.0 | 4.0 |
| 2002:Q3 | 3.9 | 3.5 |
| 2002:Q4 | 3.1 | 3.1 |
| 2003:Q1 | 3.0 | 3.6 |
| 2003:Q2 | 3.5 | 3.5 |
| 2003:Q3 | 4.4 | 3.9 |
| 2003:Q4 | 5.2 | 4.0 |
| 2004:Q1 | 3.8 | 3.8 |
| 2004:Q2 | 3.4 | 3.9 |
| 2004:Q3 | 3.4 | 3.8 |
| 2004:Q4 | 3.9 | 3.8 |
| 2005:Q1 | 4.9 | 3.5 |
| 2005:Q2 | 3.9 | 3.1 |
| 2005:Q3 | 4.0 | 2.9 |
| 2005:Q4 | 3.3 | 2.9 |
| 2006:Q1 | 4.2 | 2.6 |
| 2006:Q2 | 3.8 | 2.8 |
| 2006:Q3 | 2.7 | 3.0 |
| 2006:Q4 | 5.0 | 3.2 |
| 2007:Q1 | 4.7 | 3.2 |
| 2007:Q2 | 5.0 | 3.1 |
| 2007:Q3 | 5.7 | 3.1 |
| 2007:Q4 | 3.7 | 3.0 |
Note: The data are quarterly and extend through 2007:Q4. For nonfarm business compensation, change is over four quarters; for the employment cost index (ECI), change is over the twelve months ending in the last month of each quarter. The nonfarm business sector excludes farms, government, nonprofit institutions, and households. The sector covered by the ECI used here is the same as the nonfarm business sector plus nonprofit institutions. A new ECI series was introduced for data as of 2001, but the new series is continuous with the old.
Source: Department of Labor, Bureau of Labor Statistics.