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August 09, 2022US PRODUCTIVITY, Q2 2022 [PRELIMINARY] The US Bureau of Labor Statistics has released preliminary productivity estimates for the second quarter of 2022. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US decreased 4.6% in Q2 2022, following on the 7.4% decline in Q1 2022 that was the largest quarterly decline since the third quarter of 1947. In Q2 2022, business sector output decreased at an annualized rate of 2.1% and hours worked increased 2.6%.
US unit labour costs rose 10.8% (annual rate) in Q2 2022. The rising unit labour cost reflect a 5.7% gain in hourly compensation and the 4.6% decrease in labour productivity. Over the past year, unit labour costs have increased 9.5%, the largest four-quarter increase since 1982.
US manufacturing sector labour productivity increased by 5.5% in Q2 2022. Manufacturing output increased 4.3% and hours worked were down 1.1%. Durable goods industries reported a 6.1% increase in productivity reflecting a 6.0% gain in output and a 0.1% decline in hours worked. Nondurable goods manufacturing productivity was up 5.4% with output rising 2.6% and hours falling 2.6%.
Source: US Bureau of Labor Statistics
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