Research >> Economics
2Q2015 Productivity Growth Increased 1.3%
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Nonfarm business sector labor productivity increased at a 1.3 percent annual rate during the second quarter of 2015, the U.S. Bureau of Labor Statistics reported today, as output increased 2.8 percent and hours worked increased 1.5 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the second quarter of 2014 to the second quarter of 2015, productivity increased 0.3 percent, reflecting increases in output and hours worked of 2.8 percent and 2.6 percent, respectively.
Unit labor costs in the nonfarm business sector increased 0.5 percent in the second quarter of 2015, reflecting a 1.8 percent increase in hourly compensation and a 1.3 percent increase in productivity. Unit labor costs increased 2.1 percent over the last four quarters.
Manufacturing sector labor productivity increased 2.5 percent in the second quarter of 2015, as output increased 1.5 percent and hours worked decreased 1.0 percent. Productivity increased 3.4 percent in the durable manufacturing sector and 1.2 percent in the nondurable goods sector. Over the last four quarters, manufacturing productivity increased 1.1 percent, as output increased 2.3 percent and hours increased 1.2 percent. Unit labor costs in manufacturing decreased 2.3 percent in the second quarter of 2015 and increased 0.2 percent from the same quarter a year ago.
Revised measures of Nonfarm business sector productivity decreased 1.1 percent in the first quarter of 2015--rather than falling 3.1 percent as reported June 4--solely reflecting a 2.1-percentage point upward revision to output; hours increased at the same 1.6 percent rate reported previously. Unit labor costs increased 2.3 percent in the first quarter of 2015--much less than a previously published increase of 6.7 percent--due to both the upward revision to productivity and a 2.2-percentage point downward revision to hourly compensation. Real hourly compensation increased 4.2 percent after revision, rather than the previous estimate of 6.5 percent.
Posted: August 11, 2015 Tuesday 08:30 AM