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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

May 02, 2024

The US Bureau of Labor Statistics has released preliminary productivity estimates for the first quarter of 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 0.3%. Output increased 1.3% and hours worked increased 1.0%. US unit labour costs were up 4.7%, while hourly compensation increased 5.0%.

Manufacturing sector labour productivity slowed to 0.2% with output unchanged and hours down 0.2%. Hourly compensation increased 3.4% and unit labour costs increased 3.2%. Productivity increased 1.2% for durable goods and decreased 1.3% 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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