Research >> Economics
3Q2014 Productivity Growth Increased 2.3%
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Nonfarm business sector labor productivity increased at a 2.3 percent annual rate during the third quarter of 2014, the U.S. Bureau of Labor Statistics reported today, as output increased 4.9 percent and hours worked increased 2.5 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the third quarter of 2013 to the third quarter of 2014, productivity rose 1.0 percent as output and hours worked increased 3.1 percent and 2.1 percent, respectively.
Unit labor costs in the nonfarm business sector fell 1.0 percent in the third quarter of 2014, as a 1.3 percent increase in hourly compensation was smaller than the 2.3 percent gain in productivity. Unit labor costs increased 1.2 percent over the last four quarters.
Manufacturing sector productivity increased 2.9 percent in the third quarter of 2014, as output increased 4.2 percent and hours worked increased 1.3 percent. Productivity increased 3.2 percent in the durable goods sector and increased 3.5 percent in the nondurable goods sector. Over the last four quarters, manufacturing productivity increased 2.7 percent, as output increased 4.4 percent and hours increased 1.6 percent. Unit labor costs in manufacturing fell 1.3 percent in the third quarter of 2014 and decreased 0.5 percent from the same quarter a year ago.
Preliminary third-quarter 2014 measures were announced today for the nonfinancial corporate sector. Productivity increased 1.1 percent as output and hours rose 4.0 percent and 2.9 percent, respectively.
Posted: December 3, 2014 Wednesday 08:30 AM