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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

December 08, 2022

The US Bureau of Labor Statistics has released revised productivity estimates for the third 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 increased 0.8%. Output increased by 3.3% while hours worked grew by 2.4%.  This increase in US productivity followed on declines in each of the first two quarters of 2022.  

Hourly compensation increased 3.2% in the third quarter.  With a 0.8% gain in labour productivity, the rise in hourly compensation increased US unit labour costs by 2.4%.  

Source: US Bureau of Labor Statistics,  retrieved from FRED, Federal Reserve Bank of St. Louis

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