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September 05, 2024US PRODUCTIVITY, Q2 2024 [REVISED] The US Bureau of Labor Statistics has released revised productivity estimates for the second quarter of 2024. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US increased 2.5%. Output increased 3.5% and hours worked increased 1.0%. US unit labour costs were up 0.4%, while hourly compensation increased 3.0%.
Manufacturing sector labour productivity increased 1.3% with output up 2.4% and hours grew 1.1%. Hourly compensation was up 4.9% and unit labour costs increased 3.6%. Productivity increased 0.4% for durable goods and 2.3% for non-durable goods.
Source: US Bureau of Labor Statistics, retrieved from Federal Reserve Bank of St. Louis
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