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May 06, 2021US PRODUCTIVITY, FIRST QUARTER 2021 The US Bureau of Labor Statistics has released preliminary productivity estimates for the first quarter of 2021. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US grew 5.4% in Q1 2021. Output increased at an annualized rate of 8.4% in Q1, an acceleration from the 5.8% increase in the previous quarter. Hours worked increased at an annualized rate of 2.9% after growing 10.0% in the fourth quarter. Recent increases in output and hours follow historic declines in Q2 2020. Output and hours remain 0.6% and 4.3% below their fourth-quarter 2019 levels, respectively.
US unit labour costs declined 0.3% at an annual rate in Q1 2021, reflecting productivity (+5.4%) increasing faster than hourly compensation (+5.1%).
Manufacturing sector labour productivity increased 0.1% in Q1, as output increased 2.4% and hours worked increased 2.3%. The increase in manufacturing productivity was attributable to both durable and nondurable goods manufacturing. Durable goods manufacturing productivity increased 0.7%, reflecting a 4.6% increase in output and a 3.9% increase in hours worked. Nondurable goods manufacturing productivity increased 0.3% on a 0.1% gain in output and a 0.2% decline in hours worked.
Source: US Bureau of Labor Statistics
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