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Economic Perspective March 2023

By Cory Martin posted 03-02-2023 03:08 PM

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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 are from the Current Population Survey (federal method)		Unemployment Rate	Weekly Hours (MFG.)	Hourly Earnings (MFG.)
Phoenix-Mesa-Scottsdale, AZ	Latest Date (11/22) N Latest Figure/Year Ago	3.0/2.8	40.5/39.9	24.40/22.82
Arizona	Latest Date (11/22) N Latest Figure/Year Ago	3.6/3.2	42.0/40.9	23.68/22.50
Denver-Aurora-Lakewood, CO	Latest Date (11/22) N Latest Figure/Year Ago	3.3/4.0	42.5/45.0	33.68/27.44
Colorado	Latest Date (11/22) N Latest Figure/Year Ago	3.3/3.9	39.4/42.1	28.21/25.18
Salt Lake City, UT	Latest Date (11/22) N Latest Figure/Year Ago	2.0/2.0	38.7/41.9	27.25/23.54
Utah	Latest Date (11/22) N Latest Figure/Year Ago	2.0/1.9	39.1/40.0	26.48/23.01
Cheyenne, WY≠	Latest Date (11/22) N Latest Figure/Year Ago	2.9/3.0	--	--
Wyoming	Latest Date (11/22) N Latest Figure/Year Ago	3.1/3.5	41.8/40.9	30.91/27.60
United States	Latest Date (12/22) A Latest Figure/Year Ago	3.5/3.9	40.8/41.4 (P)	25.60/24.25 (P)

CPI – Consumer Price Index*

		CPI-W≠≠	CPI-U
Phoenix-Mesa, AZ	Latest Date (Jan-Jun 2022) N : Latest Figure/Year Ago	166.3/149.0	166.6/149.8
Phoenix-Mesa, AZ	% Change	+11.7%	+11.2%
Denver-Boulder-Greeley, CO	Latest Date (Jan-Jun 2022) N : Latest Figure/Year Ago	292.1/268.1	300.0/276.3
Denver-Boulder-Greeley, CO	% Change	+8.9%	+8.6%
United States	Latest Date (12/22) A : Latest Figure/Year Ago	293.5/276.2	299.0/280.9
United States	% Change	+6.2%	+6.4%

ECI – Employment Cost Index	Wages & Salaries	Total Compensation
ECI – Employment Cost Index	12 Months Ended 12/22 N	12 Months Ended 12/22 N
Private Industry Workers	5.1%	5.1%
Manufacturing	5.1%	4.7%
Service-providing Industries**	5.2%	5.2%
Mountain Region***	5.4%	5.4%
State/Local Government Workers	4.7%	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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