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August 03, 2023US PRODUCTIVITY, Q2 2023 [PRELIMINARY] The US Bureau of Labor Statistics has released preliminary productivity estimates for the second quarter of 2023. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US increased 3.7%. Output increased by 2.4% while hours worked decreased by 1.3%.
Hourly compensation increased 5.5% in the second quarter, following 2.1% growth in the previous quarter. With a 3.7% growth in labour productivity, the growth in hourly compensation led to an increase of 1.6% in US unit labour costs.
Source: US Bureau of Labor Statistics, retrieved using FRED API from Federal Reserve Bank of St. Louis
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