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ILRLR 2050: Labor Relations (Fall 2018): Economic Data

Classification Codes

Economic data are generally categorized using standard codes. The sources below provide information about these codes.

Wages & Benefits

The bottom line is usually wages and benefits.  Use these resources to benchmark your demands/offers with peers.

Cost of Living

The "cost of living" is an amount of money needed to buy goods and services to maintain a particular standard of living.  Variables, such as region, income level, and time period, affect the cost of living.  

Labor Market

An important factor to consider in collective bargaining is the number of workers in an area that are trained and looking for work. These sources will help employers and union members determine their strengths.

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