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December 08, 2021US PRODUCTIVITY, Q3 2021 [REVISED] The US Bureau of Labor Statistics has released revised productivity estimates for the third quarter of 2021. The following article has been updated to reflect these revisions. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US declined 5.2% in Q3 2021, a 0.2 percentage point downward revision from the preliminary estimate of -5.0%, the lowest quarterly labour productivity growth rate since Q2 1960. Output increased at an annualized rate of 1.8% in Q3, slower than the 8.5% increase in the previous quarter. Hours worked increased at an annualized rate of 7.4% after growing 5.9% in the second quarter of 2021.
Recent increases in output and hours continue the recovery from historic declines in Q2 2020. Compared with the pre-pandemic benchmark of Q4 2019, output was up by 1.8% though hours worked were still down by 1.0%.
US unit labour costs rose 9.6% (annual rate) in Q3 2021, reflecting a 3.9% gain in hourly compensation and a 5.2% decrease in labour productivity.
US manufacturing sector labour productivity decreased by 1.8% in Q3 2021. Manufacturing output increased 5.1% and hours worked increased 7.0%. Durable goods industries reported a 0.7% increase in productivity reflecting a 9.7% gain in output and a 8.9% gain in hours worked. In contrast, nondurable goods manufacturing productivity decreased by 3.6%, this was attributable to a 0.3% rise in output that grew slower than the 4.0% increase in hours worked.
Source: US Bureau of Labor Statistics
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