Research >> Economics
2Q2013 Productivity Growth Increased 0.9%
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Nonfarm business sector labor productivity increased at a 2.3 percent annual rate during the second quarter of 2013, the U.S. Bureau of Labor Statistics reported today. The increase in productivity reflects increases of 3.7 percent in output and 1.4 percent in hours worked. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the second quarter of 2012 to the second quarter of 2013, productivity increased 0.3 percent as output and hours worked rose 2.1 percent and 1.7 percent, respectively.
Unit labor costs in nonfarm businesses were unchanged in the second quarter of 2013, as hourly compensation increased at the same 2.3 percent rate as productivity. Unit labor costs rose 1.5 percent over the last four quarters.
Manufacturing sector productivity rose 1.9 percent in the second quarter of 2013, as output declined 0.6 percent and hours worked declined 2.4 percent. Productivity increased 3.3 percent in the durable goods sector and 0.2 percent in the nondurable goods sector. Over the last four quarters, manufacturing productivity increased 1.9 percent, as output increased 1.9 percent and hours were unchanged. Unit labor costs in manufacturing rose 2.3 percent in the second quarter of 2013 and decreased 0.5 percent from the same quarter a year ago.
Preliminary second-quarter 2013 measures of productivity and costs were announced for the nonfinancial corporate sector. Productivity increased 3.2 percent in the second quarter of 2013, as output and hours rose 4.8 percent and 1.5 percent, respectively. Unit labor costs fell 0.9 percent, as the 2.3 percent gain in hourly compensation was less than the 3.2 percent gain in productivity.
Posted: September 5, 2013 Thursday 08:30 AM