Research >> Economics
1Q2013 Productivity Growth Increased 0.5%
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Nonfarm business sector labor productivity increased at a 0.5 percent annual rate during the first quarter of 2013, the U.S. Bureau of Labor Statistics reported today. The increase in productivity reflects increases of 2.1 percent in output and 1.6 percent in hours worked. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the first quarter of 2012 to the first quarter of 2013, productivity increased 0.9 percent as output and hours worked increased 2.4 percent and 1.5 percent, respectively.
Unit labor costs in nonfarm businesses fell 4.3 percent in the first quarter of 2013, the combined effect of a 3.8 percent decrease in hourly compensation and the 0.5 percent increase in productivity. The decline in hourly compensation is the largest in the series, which begins in 1947. However, over the last four quarters hourly compensation increased 2.0 percent and unit labor costs rose 1.1 percent.
Manufacturing sector productivity increased 3.5 percent in the first quarter of 2013, as output rose 5.3 percent and hours worked increased 1.8 percent. In the durable and nondurable manufacturing sectors, productivity increased 3.5 percent and 3.9 percent, respectively. From the first quarter of 2012 to the first quarter of 2013, manufacturing sector productivity rose 1.6 percent as output grew 2.5 percent and hours rose 0.9 percent. Unit labor costs in manufacturing decreased 10.0 percent in the first quarter of 2013, due to both the 3.5 percent increase in productivity and a 6.9 percent decrease in hourly compensation. Over the last four quarters, hourly compensation increased 4.5 percent and unit labor costs increased 2.8 percent.
Preliminary first-quarter 2013 measures were announced today for the nonfinancial corporate sector. Productivity increased 0.3 percent in the first quarter as output and hours increased 3.3 percent and 3.0 percent, respectively. Output per hour rose 0.6 percent over the last four quarters.
Posted: June 5, 2013 Wednesday 08:30 AM