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June 03, 2021US PRODUCTIVITY, FIRST QUARTER 2021 [REVISED] The US Bureau of Labor Statistics has released revised productivity estimates for the first quarter of 2021. The following article has been updated. 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 8.6% in Q1, an acceleration from the 5.8% increase in the previous quarter. Hours worked increased at an annualized rate of 3.0% after growing 10.0% in the fourth quarter of 2020. Recent increases in output and hours follow historic declines in Q2 2020. Output and hours remain 0.5% and 4.3% below their fourth-quarter 2019 levels, respectively.
US unit labour costs rose 1.7% at an annual rate in Q1 2021, reflecting hourly compensation (+7.2%) increasing faster than labour productivity (+5.4%).
Manufacturing sector labour productivity declined 1.7% in Q1, as output increased 1.4% and hours worked increased 3.1%. The decrease in manufacturing productivity was due to a decline in nondurable goods manufacturing. Nondurable goods manufacturing productivity declined 3.7 % as output decreased 3.0% and hours worked rose 0.7%. Durable goods manufacturing productivity increased 1.1%, reflecting a 5.7% increase in output and a 4.6% increase in hours worked.
Source: US Bureau of Labor Statistics
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