• U.S. Employment Cost Index – Q3 2014

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Civilian Workers: Compensation costs for civilian workers increased 2.2 percent for the 12-month period ending September 2014. In September 2013, the increase in compensation costs was 1.9 percent. Wages and salaries increased 2.1 percent for the 12-month period ending September 2014, compared with 1.6 percent in September 2013. Benefit costs increased 2.4 percent for the 12-month period ending September 2014, compared with a 2.2 percent increase for the 12-month period ending September 2013. Private Industry Workers: Compensation costs for private industry workers increased 2.3 percent over the year. In September 2013 the increase was 1.9 percent. Wages and salaries increased 2.3 percent for the current 12-month period ending September 2014. In September 2013 the increase was 1.8 percent. The increase in the cost of benefits was 2.3 percent for the 12-month period ending September 2014. In September 2013, the increase in the cost of benefits was 2.0 percent. Employer costs for health benefits increased 2.6 percent over the year. In September 2013 the increase was 2.7 percent. State and Local Government Workers: Compensation costs for state and local government workers increased 2.1 percent for the 12-month period ending September 2014, compared with 1.7 percent for September 2013. Wages and salaries increased 1.6 percent for the 12-month period ending September 2014, compared with 0.9 percent in September 2013. Benefit costs increased 3.0 percent in September 2014. In September 2013, the increase was 2.9 percent. Click on table/chart to enlarge Please visit this link to read the full report: LinkToArticle NOTE: This report is provided with the understanding that the publisher is not engaged in providing legal, financial, accounting or other professional advice. If professional assistance is required, the services of a competent professional should be sought. Furthermore, while we do our best to ensure that these data are accurate, we suggest that any entity making decisions based on these numbers should verify the data at their source prior to making such decisions.

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• U.S. Gross Domestic Product – Q3 2014

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Real gross domestic product -- the value of the production of goods and services in the United States, adjusted for price changes -- increased at an annual rate of 3.5 percent in the third quarter of 2014, according to the "advance" estimate. In the second quarter, real GDP increased 4.6 percent. The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by a negative contribution from private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased. Please visit this link to read the full report: LinkToArticle NOTE: This report is provided with the understanding that the publisher is not engaged in providing legal, financial, accounting or other professional advice. If professional assistance is required, the services of a competent professional should be sought. Furthermore, while we do our best to ensure that these data are accurate, we suggest that any entity making decisions based on these numbers should verify the data at their source prior to making such decisions.

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• U.S. Initial Unemployment Claims – 25 October 2014

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In the week ending October 25, the advance figure for seasonally adjusted initial claims was 287,000, an increase of 3,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 283,000 to 284,000. The 4-week moving average was 281,000, a decrease of 250 from the previous week's revised average. The advance seasonally adjusted insured unemployment rate was 1.8 percent for the week ending October 18, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending October 18 was 2,384,000, an increase of 29,000 from the previous week's revised level. The highest insured unemployment rates in the week ending October 11 were in Puerto Rico (3.5), Alaska (3.0), Virgin Islands (2.9), New Jersey (2.7), Connecticut (2.3), California (2.2), Nevada (2.2), Pennsylvania (2.1), Massachusetts (2.0), and Illinois (1.9). The largest increases in initial claims for the week ending October 18 were in California (+2,754), Michigan (+1,609), Tennessee (+204), Ohio (+169), and Vermont (+53), while the largest decreases were in Pennsylvania (-3,459), New York (-2,965), Texas (-1,720), Florida (-1,444), and Georgia (-1,363). Note: “Insured unemployment rate” refers to individuals who are unemployed and receiving UC benefits. See the complete report at this link: USDOL-BLS NOTE: This report is provided with the understanding that the publisher is not engaged in providing legal, financial, accounting or other professional advice. If professional assistance is required, the services of a competent professional should be sought. Furthermore, while we do our best to ensure that these data are accurate, we suggest that any entity making decisions based on these numbers should verify the data at their source prior to making such decisions.

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• Metropolitan Area Employment and Unemployment - September 2014

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Unemployment rates were lower in September than a year earlier in 339 of the 372 metropolitan areas, higher in 26 areas, and unchanged in 7 areas. Six areas had jobless rates of at least 10.0 percent and 118 areas had rates of less than 5.0 percent. Employment: Nonfarm payroll employment increased over the year in 314 metropolitan areas, decreased in 53 areas, and was unchanged in 5 areas. Click on table/chart to enlarge Please visit this link to read the full report: LinkToArticle NOTE: This report is provided with the understanding that the publisher is not engaged in providing legal, financial, accounting or other professional advice. If professional assistance is required, the services of a competent professional should be sought. Furthermore, while we do our best to ensure that these data are accurate, we suggest that any entity making decisions based on these numbers should verify the data at their source prior to making such decisions.

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• Medicare Open Enrollment Now Available

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"Open enrollment for Medicare has begun. "If you're on Medicare and are thinking about making changes to your health plan, the clock is ticking: Open enrollment for Medicare runs until Dec. 7. Any changes will take effect in January. "'Open enrollment is the best time to make sure your health and drug plans still meet your individual needs, especially if you've had any changes in your health,' said Bob Moos, spokesman for the Centers for Medicare & Medicaid Services...." Please visit this link to read the full report: LinkToArticle NOTE: This report is provided with the understanding that the publisher is not engaged in providing legal, financial, accounting or other professional advice. If professional assistance is required, the services of a competent professional should be sought. Furthermore, while we do our best to ensure that these data are accurate, we suggest that any entity making decisions based on these numbers should verify the data at their source prior to making such decisions.

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• Usual Weekly Earnings of U.S. Wage and Salary Workers - Q3 2014

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Median weekly earnings of the nation's 107.9 million full-time wage and salary workers were $790 in the third quarter of 2014 (not seasonally adjusted). This was 2.5 percent higher than a year earlier,compared with a gain of 1.8 percent in the Consumer Price Index for All Urban Consumers (CPI-U) over the same period. Highlights from the third-quarter data are: • Median weekly earnings were $790 in the third quarter of 2014. Women who usually worked full time had median weekly earnings of $715, or 82.2 percent of the $870 median for men. • The women's-to-men's earnings ratio varied by race and ethnicity. White women earned 81.8 percent as much as their male counterparts, compared with black (89.5 percent), Asian (73.1 percent), and Hispanic women (89.6 percent). • Among the major race and ethnicity groups, median weekly earnings for black men working at full-time jobs were $679 per week, or 75.8 percent of the median for white men ($896). The difference was less among women, as black women's median earnings ($608) were 82.9 percent of those for white women ($733). Overall, median earnings of Hispanics who worked full time ($598) were lower than those of blacks ($638), whites ($816), and Asians ($945). • Usual weekly earnings of full-time workers varied by age. Among men, those age 55 to 64 had the highest median weekly earnings, at $1,053. Usual weekly earnings were highest for women age 35 to 64: weekly earnings were $784 for women age 35 to 44, $772 for women age 45 to 54, and $787 for women age 55 to 64. Workers age 16 to 24 had the lowest median weekly earnings, at $480. • Among the major occupational groups, persons employed full time in management, professional, and related occupations had the highest median weekly earnings-- $1,326 for men and $980 for women. Men and women employed in service jobs had much lower earnings, $585 and $467, respectively. • By educational attainment, full-time workers age 25 and over without a high school diploma had median weekly earnings of $488, compared with $681 for high school graduates (no college) and $1,170 for those holding at least a bachelor's degree. Among college graduates with advanced degrees (professional or master's degree and above), the highest earning 10 percent of male workers made $3,439 or more per week, compared with $2,293 or more for their female counterparts. • Seasonally adjusted median weekly earnings were $797 in the third quarter of 2014, up from the previous quarter ($782). Please visit this link to read the full report: LinkToArticle NOTE: This report is provided with the understanding that the publisher is not engaged in providing legal, financial, accounting or other professional advice. If professional assistance is required, the services of a competent professional should be sought. Furthermore, while we do our best to ensure that these data are accurate, we suggest that any entity making decisions based on these numbers should verify the data at their source prior to making such decisions.

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• IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute Up to $18,000 to Their 401(k) Plans in 2015

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The Internal Revenue Service has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged because the increase in the index did not meet the statutory thresholds that trigger their adjustment. Highlights include the following: • The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $17,500 to $18,000. • The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $5,500 to $6,000. • The limit on annual contributions to an Individual Retirement Arrangement (IRA) remains unchanged at $5,500. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000. • The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have modified adjusted gross incomes (AGI) between $61,000 and $71,000, up from $60,000 and $70,000 in 2014. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $98,000 to $118,000, up from $96,000 to $116,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $183,000 and $193,000, up from $181,000 and $191,000. For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000. • The AGI phase-out range for taxpayers making contributions to a Roth IRA is $183,000 to $193,000 for married couples filing jointly, up from $181,000 to $191,000 in 2014. For singles and heads of household, the income phase-out range is $116,000 to $131,000, up from $114,000 to $129,000. For a married individual filing a separate return, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000. • The AGI limit for the saver’s credit (also known as the retirement savings contribution credit) for low- and moderate-income workers is $61,000 for married couples filing jointly, up from $60,000 in 2014; $45,750 for heads of household, up from $45,000; and $30,500 for married individuals filing separately and for singles, up from $30,000. News Release IR-2014-99 has further details on both the adjusted and unchanged limitations. The IRS will eventually update this link so the full report will be available: LinkToArticle NOTE: This report is provided with the understanding that the publisher is not engaged in providing legal, financial, accounting or other professional advice. If professional assistance is required, the services of a competent professional should be sought. Furthermore, while we do our best to ensure that these data are accurate, we suggest that any entity making decisions based on these numbers should verify the data at their source prior to making such decisions.

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