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March 06, 2025US PRODUCTIVITY, Q4 & ANNUAL 2024 [REVISED] The US Bureau of Labor Statistics has released revised productivity estimates for Q4, 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 1.5%. Output increased 2.4% and hours worked increased 0.8%. US unit labour costs were up 2.2%, while hourly compensation increased 3.8%.
Manufacturing sector labour productivity increased 0.3% with output down 1.3% and hours down 1.6%. Hourly compensation increased 4.0% and unit labour costs increased 3.7% for the manufacturing sector. Productivity decreased 1.1% for durable goods and increased 1.4% for non-durable goods.
ANNUAL 2024
Labour productivity rose 2.7% in 2024 with output rising 2.9% and hours worked up 0.2%. Average hourly compensation grew 5.1%, higher than 4.2% in 2023. Unit labour costs were up 2.3% in 2024.
Manufacturing sector labour productivity increased 0.6% with output down 0.4% and hours down 1.0%. Hourly compensation increased 4.0% and unit labour costs increased 3.3%. Productivity increased 0.5% for durable goods and 0.3% for non-durable goods.
Source: US Bureau of Labor Statistics, retrieved from Federal Reserve Bank of St. Louis