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February 01, 2024US PRODUCTIVITY, Q4 2023 The US Bureau of Labor Statistics has released revised productivity estimates for the 2023 Q4. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US increased 3.2%. Output increased 3.7% and hours worked increased 0.4%. US unit labour costs were up 0.5%, while hourly compensation slowed to 3.7%.
Manufacturing sector labour productivity increased 2.3% with output down 2.4% and hours down 4.6%. Hourly compensation increased 6.6% and unit labour costs increased 4.2%. Productivity increased 1.4% for durable goods and 2.5% 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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