Which economic indicator accounts for changes in the composition of the workforce?

Question

Quizplus · Accepted Answer

The employment cost index measures changes in the cost of labor, including wages, salaries, and benefits. By tracking changes in the cost of labor, it provides a good indication of changes in the composition of the workforce over time. Nonfarm payrolls, while a useful indicator of overall employment trends, does not provide information on changes in the mix of jobs within the workforce. Real GDP and real GDP growth are indicators of overall economic activity but do not account for changes in the workforce.

Which Economic Indicator Accounts for Changes in the Composition of the Workforce