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Economic Perspective June 2024

By Cory Martin posted 05-30-2024 01:16 PM

  

Employers Council has prepared this Economic Perspective summary to assist the decision-makers of member organizations. The economic data in these charts summarize the most commonly watched economic and compensation indicators. The data from the U.S. Bureau of Labor Statistics can be used in conjunction with Employers Council’s compensation and personnel practices surveys to provide a more complete picture. Refer to Employers Council’s various surveys for information on average pay increase projections, turnover rates, cost of benefits, average salaries for close to 3,500 jobs, and insured and paid-time-off benefits.     

Figures reported are from the Current Population Survey (federal method)

Unemployment Rate 

Weekly Hours (MFG.) 

Hourly Earnings (MFG.) 

Phoenix-Mesa-Scottsdale, AZ 

Latest Date (2/24) N 

Latest Figure/Year Ago 

3.3/3.2 (R) 

40.9/41.7 

25.95/25.03 

Arizona 

Latest Date (2/24) N 

Latest Figure/Year Ago 

3.6/3.6 (R) 

40.6/41.1 

25.30/23.98 

Denver-Aurora-Lakewood, CO 

Latest Date (2/24) N 

Latest Figure/Year Ago 

4.2/3.3 (R) 

42.3/40.1 

35.16/36.26 

Colorado 

Latest Date (2/24) N 

Latest Figure/Year Ago 

4.2/3.4 (R) 

37.4/38.5 

32.18/29.13 

Salt Lake City, UT 

Latest Date (2/24) N 

Latest Figure/Year Ago 

3.3/2.8 (R) 

38.1/38.1 

26.89/26.06 

Utah 

Latest Date (2/24) N 

Latest Figure/Year Ago 

3.3/2.8 (R)  

38.1/38.1 

29.06/26.37 

Cheyenne, WY 

Latest Date (2/24) N 

Latest Figure/Year Ago 

3.7/3.8 (R) 

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Wyoming 

Latest Date (2/24) N 

Latest Figure/Year Ago 

3.8/3.8 (R) 

42.1/41.2 

32.38/32.86 

United States 

Latest Date (3/24) A 

Latest Figure/Year Ago 

3.8/3.5 

40.6/40.6 (P) 

27.45/25.95 (P) 

  

 CPI – Consumer Price Index* 

CPI-W≠≠ 

CPI-U 

Phoenix-Mesa, AZ 

Latest Date (Jul-Dec 2023) N : Latest Figure/Year Ago 

180.2/174.5 

180.2/174.7 

% Change 

+3.3% 

+3.1% 

Denver-Boulder-Greeley, CO 

Latest Date (Jul-Dec 2023) N : Latest Figure/Year Ago 

309.0/292.1 

323.8/308.8 

% Change 

+5.1% 

+4.9% 

United States 

Latest Date (3/24) A : Latest Figure/Year Ago 

306.5/296.0 

312.2/301.7 

% Change 

+3.5% 

+3.5% 

 

ECI – Employment Cost Index 

Wages & Salaries 

Total Compensation 

12 Months Ended 3/24 N 

12 Months Ended 3/24 N 

Private Industry Workers 

4.3%  

4.1% 

  Manufacturing 

4.0% 

3.8% 

  Service-providing Industries** 

4.4% 

4.2% 

  Mountain Region*** 

4.4% 

4.0% 

State/Local Government Workers 

5.0% 

4.8% 

 

≠ Weekly Manufacturing Hours and Hourly Manufacturing Earnings data not available for Cheyenne, Wyoming. 

* CPI data for Utah and Wyoming is not available. 

≠≠ CPI-W Revised CPI for Urban Wage Earners & Clerical Workers 

** Includes the following industries: wholesale trade, retail trade; transportation and warehousing; utilities; information; finance and insurance; real estate; rental and leasing; professional; scientific and technical services; management of companies and enterprises; administrative support; waste management and remediation services; education services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other services except public administration. 

***Includes the states of Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming. 

 

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