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September 07, 2023US PRODUCTIVITY, Q2 2023 [REVISED] The US Bureau of Labor Statistics has released revised productivity estimates for the 2023Q2. All figures are reported as growth from the previous quarter at seasonally adjusted annualized rates.
Nonfarm business sector labour productivity in the US increased 3.5%. Output increased 1.9% and hours worked decreased -1.5%. US unit labour costs increased 2.2%, and hourly compensation increased 5.7%.
Manufacturing sector labour productivity increased 2.9% with output increasing 0.8% and hours worked decreasing -2.1%. Hourly compensation increased 8% and unit labour costs increased 4.9%. Productivity increased 4.5% for durable goods and increased 2.0% for non-durable goods.
Source: US Bureau of Labor Statistics, retrieved using FRED API from Federal Reserve Bank of St. Louis
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