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Productivity and wages are up

U.S. Productivity Economic Indicators



Americans have earned more in forth-quarter and productivity grew as well, as strenght in the U.S. economy becomes more evident.U.S. productivity increased in the forth-quarter on the seasonally adjusted basis by 1.8 %, reported by the U.S. Labor Department. Recent increase in hourly income helps Americans to spend more. Consumer spending is by far the bigger source of U.S. growth. Adding to the positive news rising productivity could result in higher profitability for businesses, despite the wage increases.

Category




U.S. productivity advanced by 1.9 % for the year, driven by the increase in output. Over the last year, business production soared by 3.6 %

Output
Output has increased by smaller rate than a quarter ago, business production jumped by 3.2 % on the seasonally adjusted basis, in manufacturing of durable goods output rose the most, by 6.1 %.


U.S. labor costs continued to grew by higher rate, the labor costs rose by 1.8 % on the seasonally adjusted basis, led by unit labor costs increases in durable goods manufacturing and nonfarm business.

The measures of unit labor costs describe the relationship between compensation per hour and productivity U.S. labor costs rose by 1 % over the past 12 months.

Category
Real hourly compensation continued to grew by higher rate, fueling higher consumer spending, the main source of domestic growth, the real hourly compensation grew by 2.1 % on the seasonally adjusted basis, led by increases in nonfarm business, durable goods manufacturing and in total manufacturing.
The measure includes accrued inflation-adjusted wages and salaries, supplements, employer contributions to employee benefit plans, and taxes. Over the past 12 months, real hourly compensation have climbed by 2.1 %.





Productivity
(Y / Y in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
1.9 % 1.2 % 1.4 % 1.4 % 0.8 %
Nonfarm business
1.8 % 1.3 % 1.3 % 1.3 % 1.1 %
Manufacturing
1 % 1.4 % - % 0.8 % 1.1 %
Durable Goods
1.5 % 1.7 % 0.3 % 1.5 % 1.4 %
Nondurable Goods
1.3 % 1.4 % -0.3 % -0.1 % 0.5 %



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.



Productivity
(Q / Q in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
1.8 % 1.9 % 3.6 % 1.1 % -0.9 %
Nonfarm business
1.9 % 2.3 % 2.9 % 0.7 % -0.1 %
Manufacturing
2 % 1 % 1.5 % 0.5 % 5.7 %
Durable Goods
3.3 % 1.7 % 1.1 % 1.3 % 6.7 %
Nondurable Goods
1.9 % 0.5 % 2.2 % 0.6 % 4.5 %



Output
(Y / Y in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
3.6 % 3.6 % 3.5 % 3.5 % 3 %
Nonfarm business
3.7 % 3.7 % 3.5 % 3.6 % 3.2 %
Manufacturing
2.9 % 3.6 % 2.1 % 2.5 % 2.7 %
Durable Goods
6.1 % 5.2 % 2.9 % 5.5 % 8.2 %
Nondurable Goods
1.3 % 3 % 1.8 % 2.3 % 2.6 %



Output
(Q / Q in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
3.2 % 4.1 % 5.1 % 2.8 % 3.1 %
Nonfarm business
3.1 % 4.1 % 5 % 2.8 % 3.2 %
Manufacturing
2.7 % 4.1 % 3 % 3.3 % 7.3 %
Durable Goods
6.1 % 5.2 % 2.9 % 5.5 % 8.2 %
Nondurable Goods
-0.7 % 2.9 % 3.1 % 1.1 % 6.4 %



Unit Labor Costs
(Y / Y in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
1 % 1 % 1.9 % 1.2 % 1.5 %
Nonfarm business
1 % 0.9 % 1.9 % 1.1 % 1.3 %
Manufacturing
0.8 % -1.2 % 2.5 % 1.3 % 1.1 %
Durable Goods
0.2 % -0.9 % 2.6 % 1.4 % 1.3 %
Nondurable Goods
0.6 % -2.4 % 2 % 0.9 % 0.8 %


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.


Unit Labor Costs
(Q / Q in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
1.8 % 0.9 % -1.2 % 2.8 % 2 %
Nonfarm business
2 % 0.9 % -1 % 2.7 % 2 %
Manufacturing
2.2 % -1.2 % -0.2 % 2.7 % -3.7 %
Durable Goods
0.7 % -1.4 % -0.1 % 2.9 % -3.8 %
Nondurable Goods
2.1 % -1.9 % -0.4 % 0.4 % -4 %




Hours Worked
(Y / Y in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
1.7 % 2.4 % 2 % 2.1 % 2.3 %
Nonfarm business
1.9 % 2.3 % 2.2 % 2.2 % 2.1 %
Manufacturing
1.9 % 2.1 % 2.2 % 1.6 % 1.6 %
Durable Goods
3 % 2.4 % 2.2 % 1.2 % 1.3 %
Nondurable Goods
- % 1.6 % 2.1 % 2.4 % 2.1 %


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.


Hours Worked
(Q / Q in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
1.3 % 2.1 % 1.5 % 1.6 % 4.1 %
Nonfarm business
1.2 % 1.8 % 2 % 2.1 % 3.3 %
Manufacturing
0.8 % 3.1 % 1.5 % 2.8 % 1.5 %
Durable Goods
2.7 % 3.5 % 1.8 % 4.2 % 1.4 %
Nondurable Goods
-2.5 % 2.4 % 0.9 % 0.5 % 1.8 %




Real Hourly Compensation
(Y / Y in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
2.1 % 0.8 % 0.6 % 0.4 % -2.5 %
Nonfarm business
0.6 % -0.4 % 0.5 % 0.2 % 0.3 %
Manufacturing
-0.4 % -2.4 % -0.2 % -0.1 % - %
Durable Goods
-0.6 % -1.8 % 0.2 % 0.7 % 0.5 %
Nondurable Goods
-0.4 % -3.6 % -0.9 % -1.5 % -0.8 %




Real Hourly Compensation
(Q / Q in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
2.1 % 0.8 % 0.6 % 0.4 % -2.5 %
Nonfarm business
2.4 % 1.1 % 0.2 % -0.1 % -1.8 %
Manufacturing
2.7 % -2.2 % -0.4 % -0.3 % -1.8 %
Durable Goods
2.6 % -1.7 % -0.6 % 0.7 % -1 %
Nondurable Goods
2.6 % -3.3 % 0.1 % -2.4 % -3.3 %




Hourly Compensation
(Y / Y in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
4.3 % -0.2 % 1.3 % 3.2 % 1.8 %
Nonfarm business
3.6 % 2.8 % 2.3 % 3.9 % 1.1 %
Manufacturing
4.1 % 0.3 % 1 % 4.2 % 2.6 %
Durable Goods
4.1 % -1.4 % 1.7 % 1 % 0.3 %
Nondurable Goods
1.8 % -1.1 % 1.7 % 0.7 % 1.3 %


Hourly Compensation
The measure includes accrued wages and salaries, supplements, employer contributions to employee benefit plans, and taxes.


Hourly Compensation
(Q / Q in %)

IV Quarter
2018
prel.
III Quarter
2018
prel.
II Quarter
2018
prel.
I Quarter
2018
prel.
IV Quarter
2017
prel.
Total Business
3.6 % 2.8 % 2.3 % 3.9 % 1.1 %
Nonfarm business
3.9 % 3.1 % 1.9 % 3.4 % 1.8 %
Manufacturing
4.3 % -0.2 % 1.3 % 3.2 % 1.8 %
Durable Goods
4.1 % 0.3 % 1 % 4.2 % 2.6 %
Nondurable Goods
4.1 % -1.4 % 1.7 % 1 % 0.3 %


Source: Department of Labor, BLS.gov


             
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