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March 07, 2019US PRODUCTIVITY, FOURTH QUARTER 2018 AND 2018 ANNUAL The US Bureau of Labor Statistics has released revised productivity estimates for the fourth quarter of 2018. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US increased 1.9 per cent in the fourth quarter of 2018, following an increase of 1.8 per cent in the third quarter of 2018. Output increased 3.1 per cent and hours worked increased 1.2 per cent.
US unit labour costs increased 2.0 per cent, as a 3.9 per cent increase in hourly compensation outstripped the 1.9 per cent increase in labour productivity.
Manufacturing sector labour productivity increased 2.0 per cent in Q4 with output increasing 2.7 per cent and hours worked increasing by 0.8 per cent. Productivity increased 3.3 per cent for durable goods and increased 1.9 per cent for non-durable goods. Unit labour costs decreased 2.2 per cent in US manufacturing in Q4.
ANNUAL
Annual productivity in the nonfarm business sector increased 1.3 per cent, with output increasing 3.5 per cent and hours increasing 2.2 per cent.
Unit labour costs in the nonfarm business sector increased 1.4 per cent in 2018, with a 2.7 per cent gain in hourly compensation and a 1.3 per cent increase in productivity.
The manufacturing sector productivity increased 0.8 per cent in 2018, with output increasing 2.7 per cent and hours worked increasing 1.9 per cent. Manufacturing sector productivity has grown less than 1.0 per cent in each of the last 8 years.
Notes: labour productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked by all persons, including employees, proprietors, and unpaid family workers. Unit labour costs are calculated as the ratio of hourly compensation to labour productivity; increases in hourly compensation increase unit labour costs while increases in productivity (output per hour) reduce unit labour costs. US manufacturing output is calculated on a different basis than for all nonfarm businesses, so these series are not directly comparable.
Source: US Bureau of Labor Statistics
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