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February 03, 2022US PRODUCTIVITY, Q4 AND ANNUAL 2021 The US Bureau of Labor Statistics has released preliminary productivity estimates for the fourth 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 increased 6.6% in Q4 2021. Output increased at an annualized rate of 9.2% in Q4, an acceleration from the 2.0% increase in the previous quarter. Hours worked increased at an annualized rate of 2.4%, slower than the 7.3% increase in the third quarter of 2021.
US unit labour costs rose 0.3% (annual rate) in Q4 2021, reflecting a 6.9% gain in hourly compensation and a 6.6% increase in labour productivity.
US manufacturing sector labour productivity decreased by 0.8% in Q4 2021. Manufacturing output increased 4.8% and hours worked increased 5.6%. Durable goods industries reported a 0.8% increase in productivity reflecting a 3.9% gain in output and a 3.0% gain in hours worked. In contrast, nondurable goods manufacturing productivity decreased by 3.7%, this was attributable to a 5.7% rise in output that grew slower than the 9.8% increase in hours worked.
ANNUAL
Annual productivity in the nonfarm business sector increased 1.9% in 2021, with output increasing 7.4% versus a 5.4% increase in hours worked. The increase in output and hours are the largest annual increases in the series since 1984.
Unit labour costs in the nonfarm business sector increased 3.3% in 2021, with a 5.2% gain in hourly compensation and a 1.9% increase in productivity.
Manufacturing sector productivity increased 3.1% in 2021, reflecting an increase in output of 6.5% and an increase in hours of 3.3%. The increases in manufacturing productivity and output were the largest annual increases since 2010. The increase in hours was the largest annual increase since 1987. Manufacturing unit labour costs increased 1.4% in 2021.
Source: US Bureau of Labor Statistics
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