Research >> Economics
4Q2013 Productivity Growth Increased 3.2%
Nonfarm business sector labor productivity increased at a 3.2 percent annual rate during the fourth quarter of 2013, the U.S. Bureau of Labor Statistics reported today. The increase in productivity reflects increases of 4.9 percent in output and 1.7 percent in hours worked. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the fourth quarter of 2012 to the fourth quarter of 2013, productivity increased 1.7 percent as output and hours worked rose 3.3 percent and 1.6 percent, respectively. Annual average productivity increased 0.6 percent from 2012 to 2013.
Unit labor costs in nonfarm businesses decreased 1.6 percent in the fourth quarter of 2013, as the 3.2 percent increase in productivity was larger than a 1.5 percent increase in hourly compensation. Unit labor costs fell 1.3 percent over the last four quarters.
Manufacturing sector productivity increased 2.0 percent in the fourth quarter of 2013, as output and hours worked increased 6.6 percent and 4.4 percent, respectively. Productivity increased 3.4 percent in the durable goods sector and increased 1.0 percent in the nondurable goods sector. Over the last four quarters, manufacturing productivity increased 2.1 percent, as output increased 3.3 percent and hours increased 1.2 percent. Unit labor costs in manufacturing fell 1.0 percent in the fourth quarter of 2013 and declined 0.9 percent from the same quarter a year ago. Nonfinancial corporate sector productivity decreased 0.5 percent in the third quarter of 2013.
In the third quarter of 2013, nonfarm business productivity was revised to a 3.6 percent increase due to an upward revision to output; hours were unrevised. (See table B.) Unit labor costs for the nonfarm business sector fell 2.0 percent in the third quarter, a larger decline than previously reported.
In the manufacturing sector, productivity was unrevised in the third quarter of 2013. Manufacturing unit labor costs were revised down slightly, to an increase of 1.2 percent. In the nonfinancial corporate sector, productivity declined 0.5 percent in the third quarter of 2013, a smaller decline than previously reported.
Posted: February 6, 2014 Thursday 08:30 AM