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June 02, 2022US PRODUCTIVITY, Q1 2022 [REVISED] The US Bureau of Labor Statistics has released revised productivity estimates for the first quarter of 2022. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US decreased 7.3% in Q1 2022, the largest quarterly decline since the third quarter of 1947. Output decreased at an annualized rate of 2.3% in Q1, a decline from the 9.0% increase in the previous quarter. Hours worked increased at an annualized rate of 5.4%, higher than the 2.5% increase in the fourth quarter of 2021.
US unit labour costs rose 12.6% (annual rate) in Q1 2022. The rising unit labour cost reflect a 4.4% gain in hourly compensation and a 7.3% decrease in labour productivity.
US manufacturing sector labour productivity increased by 0.2% in Q1 2022. Manufacturing output increased 5.1% and hours worked increased 4.9%. Durable goods industries reported a 0.9% increase in productivity reflecting a 6.9% gain in output and a 6.0% gain in hours worked. Nondurable goods manufacturing productivity remained the same as both output and hours worked increased 3.2%.
Source: US Bureau of Labor Statistics
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