Research >> Economics
2Q2012 Productivity Growth Increased 1.6%
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Nonfarm business sector labor productivity increased at a 1.6 percent annual rate during the second quarter of 2012, the U.S. Bureau of Labor Statistics reported today. The increase in productivity reflects increases of 2.0 percent in output and 0.4 percent in hours worked. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the second quarter of 2011 to the second quarter of 2012, productivity increased 1.1 percent as output and hours worked rose 2.9 percent and 1.8 percent, respectively.
Unit labor costs in nonfarm businesses increased 1.7 percent in the second quarter of 2012, while hourly compensation increased 3.3 percent. Unit labor costs rose 0.8 percent over the last four quarters.
Manufacturing sector productivity rose 0.2 percent in the second quarter of 2012, as output grew 1.7 percent and hours worked increased 1.4 percent. Over the last four quarters, manufacturing productivity increased 2.9 percent, as output increased 5.6 percent and hours rose 2.6 percent. Unit labor costs in manufacturing rose 0.3 percent in the second quarter of 2012 and decreased 2.9 percent from the same quarter a year ago. (See tables A and 3.)
Revised first-quarter 2012 measures of productivity and costs were announced for the nonfinancial corporate sector. Productivity increased 1.2 percent in the first quarter of 2012, as output and hours rose 4.7 percent and 3.4 percent, respectively.
Posted: August 8, 2012 Wednesday 08:30 AM