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March 05, 2020US PRODUCTIVITY, FOURTH QUARTER 2019 AND ANNUAL (REVISED) The US Bureau of Labor Statistics has released revised productivity estimates for the fourth quarter of 2019. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US was revised down from an increase of 1.4 per cent to 1.2 per cent in the fourth quarter of 2019 , following a decline of 0.3 per cent in the third quarter of 2019. Output increased 2.4 per cent reflecting a 0.1 percentage point downward revision and hours worked increased 1.2 per cent which shows an upward revision of 0.1 percentage point.
US unit labour costs increased 0.9 per cent reflecting 0.5 percentage point downward revision, as a 2.1 per cent increase in hourly compensation revised down from 2.8 per cent outstripped the 1.2 per cent increase in labour productivity which is also revised down 0.2 percentage point.
Manufacturing sector labour productivity decreased 0.8 per cent rather than decreasing 1.2 per cent in Q4 with output decreasing 0.4 per cent rather than 1.0 percent and hours worked increasing by 0.4 per cent which show upward revisions. Productivity decreased 0.9 per cent for durable goods and decreased 1.2 per cent revised up 1.0 percentage point for non-durable goods. Unit labour costs increased 3.6 percent and revised down from 5.9 per cent in US manufacturing in Q4.
ANNUAL
Annual productivity in the nonfarm business sector increased 1.9 per cent which is revised up 0.2 percentage point, with output increasing 2.7 per cent same as reported in preliminary estimate and hours increasing 0.8 per cent which is revised downward 0.2 percentage point. The annual increase in Labour productivity is the largest since 2010.
Unit labour costs in the nonfarm business sector revised down from an increase of 2.0 per cent to 1.7 per cent in 2019, with a 3.6 per cent gain in hourly compensation and a 1.9 per cent increase in productivity.
The manufacturing sector productivity grew up 0.1 per cent, output was unchanged, and hours worked decreased 0.1 per cent in 2019. Manufacturing sector productivity has grown less than 1.0 per cent in each of the last 6 years.
Notes: labour productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked by all persons, including employees, proprietors, and unpaid family workers. Unit labour costs are calculated as the ratio of hourly compensation to labour productivity; increases in hourly compensation increase unit labour costs while increases in productivity (output per hour) reduce unit labour costs. US manufacturing output is calculated on a different basis than for all nonfarm businesses, so these series are not directly comparable.
Quarterly and annual measures of hours and related series—including productivity—were revised historically for all major sectors. The revisions incorporate revised Current Employment Statistics (CES) program data published February 7, 2020. From 2015 to 2019, the data were subject to revision as a result of annual benchmarking of CES data and revised seasonal adjustment of those data.
Source: US Bureau of Labor Statistics
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