Research >> Economics
4Q2013 Productivity Growth Increased 1.8%
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Nonfarm business sector labor productivity increased at a 1.8 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 3.4 percent in output and 1.6 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 1.3 percent as output and hours worked rose 2.9 percent and 1.7 percent, respectively. Annual average productivity increased 0.5 percent from 2012 to 2013.
Unit labor costs in nonfarm businesses decreased 0.1 percent in the fourth quarter of 2013, while hourly compensation increased 1.7 percent. Unit labor costs fell 0.9 percent over the last four quarters.
Manufacturing sector productivity increased 1.3 percent in the fourth quarter of 2013, as output increased 5.0 percent and hours worked increased 3.6 percent. Productivity increased 3.0 percent in the durable goods sector and decreased 0.1 percent in the nondurable goods sector. Over the last four quarters, manufacturing productivity increased 1.9 percent, as output increased 3.0 percent and hours increased 1.1 percent. Unit labor costs in manufacturing decreased 0.1 percent in the fourth quarter of 2013 and declined 1.0 percent from the same quarter a year ago.
In the fourth quarter of 2013, nonfarm business productivity increased 1.8 percent rather than 3.2 percent as reported February 6. The revised figure reflects a 1.5 percentage point downward revision to output and a 0.1 percentage point downward revision to hours. Unit labor costs decreased 0.1 percent, a smaller decline than was previously reported. Manufacturing productivity growth was revised downward, to 1.3 percent, reflecting a downward revision to output that was larger than a downward revision to hours. Due to both the downward revision to productivity and an upward revision to hourly compensation, manufacturing unit labor costs decreased 0.1 percent, rather than falling 1.0 percent as reported in the preliminary release.
Posted: March 6, 2014 Thursday 08:30 AM