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November 02, 2023US PRODUCTIVITY, Q3 2023 [PRELIMINARY] The US Bureau of Labor Statistics has released preliminary productivity estimates for the 2023 Q3. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US increased 4.7%. Output increased 5.9% and hours worked increased 1.1%. US unit labour costs declined 0.8%, and hourly compensation slowed to 3.9%.
Manufacturing sector labour productivity declined 0.7% with output declining 0.1% and hours worked increasing 0.7%. Hourly compensation increased 6.2% and unit labour costs increased 7.0%. Productivity decreased 1.4% for durable goods and increased 2.1% for non-durable goods.
Source: US Bureau of Labor Statistics, retrieved from Federal Reserve Bank of St. Louis using a FRED API
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