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March 07, 2024US PRODUCTIVITY, Q4 & ANNUAL 2023 [REVISED] The US Bureau of Labor Statistics has released revised productivity estimates for the 2023 Q4. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US increased 3.2%. Output increased 3.5% and hours worked increased 0.3%. US unit labour costs were up 0.4%, while hourly compensation slowed to 3.6%.
Manufacturing sector labour productivity increased 1.3% with output down 2.0% and hours down 3.3%. Hourly compensation increased 6.7% and unit labour costs increased 5.3%. Productivity decreased 1.0% for durable goods and increased 3.8% for non-durable goods.
ANNUAL 2023
Labour productivity rose 1.3% in 2023 with output rising 2.6% and hours worked up 1.3%. Average hourly compensation grew 4.3%, higher than 3.6% in 2022. Real hourly compensation, which takes into account changes in consumer prices, edged up 0.1% in 2023. Unit labour costs increased by 3.0% in 2023.
Manufacturing sector labour productivity decreased 0.8% with output down 0.6% and hours up 0.2%. Hourly compensation increased 5.1% and unit labour costs increased 5.9%.
Source: US Bureau of Labor Statistics, retrieved from Federal Reserve Bank of St. Louis using a FRED API
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