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May 04, 2023US PRODUCTIVITY, Q1 2023 [PRELIMINARY] The US Bureau of Labor Statistics has released preliminary productivity estimates for the first quarter of 2023. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US decreased 2.7%. Output increased by 0.2% while hours worked increased by 3.0%.
Hourly compensation increased 3.4% in the first quarter, falling from 4.9% pace in the previous quarter. With a 2.7% decline in labour productivity, the slower growth in hourly compensation led to an increase of 6.3% in US unit labour costs compared to an increase of 3.3% in the previous quarter.
Source: US Bureau of Labor Statistics, retrieved from FRED, Federal Reserve Bank of St. Louis
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