Research >> Economics
3Q2013 Productivity Growth Increased 3.0%
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Nonfarm business sector labor productivity increased at a 3.0 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 4.7 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 increased 0.3 percent as output and hours worked rose 2.1 percent and 1.8 percent, respectively.
Unit labor costs in nonfarm businesses decreased 1.4 percent in the third quarter of 2013, while hourly compensation increased 1.6 percent. Unit labor costs rose 2.1 percent over the last four quarters.
Manufacturing sector productivity declined 0.1 percent in the third quarter of 2013, as output and hours worked increased 1.1 percent and 1.2 percent, respectively. Productivity increased 1.1 percent in the durable goods sector and decreased 1.0 percent in the nondurable goods sector. Over the last four quarters, manufacturing productivity increased 2.2 percent, as output increased 2.3 percent and hours edged up 0.1 percent. Unit labor costs in manufacturing grew 1.3 percent in the third quarter of 2013 and declined 0.2 percent from the same quarter a year ago. Nonfinancial corporate sector productivity decreased 0.7 percent in the third quarter of
2013.
In the second quarter of 2013, nonfarm business productivity, output, and hours were unrevised. Unit labor costs increased 2.0 percent, rather than the previous estimate of 0.5 percent, the result of an upward revision to hourly compensation. In the manufacturing sector, output and productivity growth were both revised up by 0.1 percentage point. Unit labor costs increased 0.5 percent, a smaller increase than previously reported, due primarily to a downward revision to hourly compensation.
Second-quarter 2013 measures of productivity and costs were revised for the nonfinancial corporate sector. Productivity increased 3.3 percent rather than 2.4 percent as reported November 14.
Posted: December 16, 2013 Monday 08:30 AM