Research >> Economics
3Q2013 Productivity Growth Increased 1.9%
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Nonfarm business sector labor productivity increased at a 1.9 percent annual rate during the third 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 1.7 percent in hours worked. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the third quarter of 2012 to the third quarter of 2013, productivity was unchanged as a 1.8 percent increase in output was matched by a 1.8 percent increase in hours worked.
Unit labor costs in nonfarm businesses decreased 0.6 percent in the third quarter of 2013, while hourly compensation increased 1.3 percent. Unit labor costs rose 1.9 percent over the last four quarters.
Manufacturing sector productivity rose 0.4 percent in the third quarter of 2013, as output and hours worked increased 1.3 percent and 0.8 percent, respectively. Productivity increased 1.2 percent in the durable goods sector and decreased 0.1 percent in the nondurable goods sector. Over the last four quarters, manufacturing productivity increased 2.3 percent, as output increased 2.3 percent and hours edged up 0.1 percent. Unit labor costs in manufacturing rose 1.3 percent in the third quarter of 2013 and were unchanged from the same quarter a year ago.
Second-quarter 2013 measures of productivity and costs were revised for the nonfinancial corporate sector. Productivity increased 2.4 percent rather than the 3.2 percent preliminary estimate.
Posted: November 14, 2013 Thursday 08:30 AM