| |
|
Output
(Q / Q in %) |
III Quarter
2024
F |
II Quarter
2024
P |
I Quarter
2024
P |
IV Quarter
2023
prel. |
III Quarter
2023
prel. |
| Total Business |
|
3.2 % |
3.4 % |
0.9 % |
3.5 % |
5.7 % |
| Nonfarm business |
|
3.5 % |
3.5 % |
0.9 % |
3.7 % |
5.9 % |
| Manufacturing |
|
-0.2 % |
2.4 % |
-0.2 % |
-2.4 % |
-0.1 % |
| Durable Goods |
|
-2.6 % |
1.7 % |
0.1 % |
-4.4 % |
2.3 % |
| Nondurable Goods |
|
2.3 % |
3.2 % |
-0.5 % |
-0.3 % |
-2.4 % |
Productivity
These productivity measures describe the relationship
between real output and the labor time involved in
its production. They show the changes from period
to period in the amount of goods and services produced
per hour. Although these measures relate output to
hours at work of all persons engaged in a sector,
they do not measure the specific contribution of labor,
capital, or any other factor of production. Rather,
they reflect the joint effects of many influences,
including changes in technology; capital investment;
level of output; utilization of capacity, energy,
and materials; the organization of production; managerial
skill; and the characteristics and effort of the work
force. |
|
|
Unit Labor Costs
The measures of unit labor costs
describe the relationship between compensation per hour and productivity,
or real output per hour, and can be used as an indicator of inflationary
pressure on producers. Increases in hourly compensation increase unit
labor costs; labor productivity increases offset compensation increases
and lower unit labor costs. |
|
|
Hourly Compensation
The measure includes accrued wages and salaries,
supplements, employer contributions to employee benefit plans, and taxes.
|
|
|
Hours Worked
Hours data for the labor productivity and cost measures
include hours for all persons working in the sector—wage and salary
workers, the self-employed and unpaid family workers. |
|
|
|
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