Research >> Economics
2Q2013 Productivity Growth Increased 0.9%
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Nonfarm business sector labor productivity increased at a 0.9 percent annual rate during the second quarter of 2013, the U.S. Bureau of Labor Statistics reported today. The increase in productivity reflects increases of 2.6 percent in output and 1.7 percent in hours worked. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the second quarter of 2012 to the second quarter of 2013, productivity was unchanged as output and hours worked both increased 1.8 percent.
Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked of all persons, including employees, proprietors, and unpaid family workers.
Unit labor costs in nonfarm businesses increased 1.4 percent in the second quarter of 2013, the combined effect of a 2.3 percent increase in hourly compensation and the 0.9 percent increase in productivity. Over the last four quarters hourly compensation and unit labor costs both increased 1.6 percent.
Manufacturing sector productivity rose 2.7 percent in the second quarter of 2013, as output grew 0.1 percent and hours worked fell 2.6 percent. Over the last four quarters, manufacturing productivity increased 2.2 percent, as output increased 2.1 percent and hours decreased 0.1 percent. Unit labor costs in manufacturing increased 1.4 percent in the second quarter of 2013 and decreased 0.4 percent from the same quarter a year ago.
Posted: August 16, 2013 Friday 08:30 AM