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Productivity declined in third-quarter

U.S. Productivity Economic Indicators



In the third-quarter U.S. productivity fell by -0.3 % on the seasonally adjusted basis. Productivity measures describe the relationship between real output and the labor time involved in its production.

Category
U.S. productivity advanced by 1.5 % for the year, as employes spend more hours at work.U.S. business production grew by 2.3 % over the past year

U.S. real hourly compensation has increased by smaller rate than a quarter ago, the business real hourly compensation rose by 1.5 % on the seasonally adjusted basis, as real hourly compensation in manufacturing of nondurable goods increased the most.
The measure includes accrued inflation-adjusted wages and salaries, supplements, employer contributions to employee benefit plans, and taxes. U.S. hourly inflation-adjusted compensation advanced by 1.5 % for the year.

Output


Business production continues to grow by higher rate, production grew by 2.2 % on the seasonally adjusted basis, in manufacturing of durable goods output rose the most, by 2.4 %.

Category
U.S. labor costs continued to grew by higher rate, the labor costs jumped by 3.6 % on the seasonally adjusted basis, as labor costs in manufacturing of nondurable goods increased the most.

Increases in hourly compensation, lead to increase in unit labor costs U.S. labor costs jumped by 3 % for the year.







Productivity
(Y / Y in %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
1.5 % 1.8 % 2.4 % 1.9 % 1.2 %
Nonfarm business
1.4 % 1.8 % 2.4 % 1.8 % 1.3 %
Manufacturing
-0.1 % 0.2 % 0.8 % 1 % 1.4 %
Durable Goods
0.6 % 0.7 % 1 % 1.5 % 1.7 %
Nondurable Goods
-0.6 % -0.1 % 1.1 % 1.3 % 1.4 %



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.



Productivity
(Q / Q in %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
-0.3 % 2.6 % 3.5 % 1.8 % 1.9 %
Nonfarm business
-0.3 % 2.3 % 3.4 % 1.9 % 2.3 %
Manufacturing
-0.1 % -1.6 % 0.4 % 2 % 1 %
Durable Goods
1.2 % -0.9 % -0.6 % 3.3 % 1.7 %
Nondurable Goods
-1.5 % -2.6 % 1.6 % 1.9 % 0.5 %



Output
(Y / Y in %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
2.3 % 2.7 % 3.9 % 3.6 % 3.6 %
Nonfarm business
2.3 % 2.6 % 3.9 % 3.7 % 3.7 %
Manufacturing
-0.5 % 0.4 % 1.6 % 2.9 % 3.6 %
Durable Goods
2.4 % -1.8 % -2.8 % 6.1 % 5.2 %
Nondurable Goods
-1.7 % -0.7 % 0.6 % 1.3 % 3 %



Output
(Q / Q in %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
2.2 % 2.1 % 3.9 % 3.2 % 4.1 %
Nonfarm business
2.1 % 1.9 % 3.9 % 3.1 % 4.1 %
Manufacturing
1.1 % -2.1 % -2 % 2.7 % 4.1 %
Durable Goods
2.4 % -1.8 % -2.8 % 6.1 % 5.2 %
Nondurable Goods
-0.2 % -2.4 % -1.1 % -0.7 % 2.9 %



Unit Labor Costs
(Y / Y in %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
3 % 2.5 % -0.8 % 1 % 1 %
Nonfarm business
3.1 % 2.5 % -0.8 % 1 % 0.9 %
Manufacturing
4.9 % 4.3 % - % 0.8 % -1.2 %
Durable Goods
4.2 % 3.6 % -0.6 % 0.2 % -0.9 %
Nondurable Goods
5.4 % 4.6 % 0.5 % 0.6 % -2.4 %


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 %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
3.6 % 2.3 % -1.5 % 1.8 % 0.9 %
Nonfarm business
3.6 % 2.4 % -1.6 % 2 % 0.9 %
Manufacturing
3.6 % 5.8 % 2 % 2.2 % -1.2 %
Durable Goods
1.9 % 5.5 % 2.7 % 0.7 % -1.4 %
Nondurable Goods
5.8 % 6.3 % 1.5 % 2.1 % -1.9 %




Hours Worked
(Y / Y in %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
0.8 % 0.9 % 1.4 % 1.7 % 2.4 %
Nonfarm business
0.9 % 0.8 % 1.5 % 1.9 % 2.3 %
Manufacturing
-0.4 % 0.2 % 0.7 % 1.9 % 2.1 %
Durable Goods
- % 0.7 % 1.5 % 3 % 2.4 %
Nondurable Goods
-1.1 % -0.6 % -0.5 % - % 1.6 %


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 %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
2.5 % -0.5 % 0.4 % 1.3 % 2.1 %
Nonfarm business
2.4 % -0.4 % 0.5 % 1.2 % 1.8 %
Manufacturing
1.3 % -0.5 % -2.4 % 0.8 % 3.1 %
Durable Goods
1.2 % -0.9 % -2.2 % 2.7 % 3.5 %
Nondurable Goods
1.3 % 0.3 % -2.6 % -2.5 % 2.4 %




Real Hourly Compensation
(Y / Y in %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
1.5 % 2 % 1 % 2.1 % 0.8 %
Nonfarm business
2.7 % 2.5 % -0.1 % 0.6 % -0.4 %
Manufacturing
3 % 2.6 % -0.8 % -0.4 % -2.4 %
Durable Goods
3 % 2.5 % -1.3 % -0.6 % -1.8 %
Nondurable Goods
2.9 % 2.6 % - % -0.4 % -3.6 %




Real Hourly Compensation
(Q / Q in %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
1.5 % 2 % 1 % 2.1 % 0.8 %
Nonfarm business
1.4 % 1.8 % 0.9 % 2.4 % 1.1 %
Manufacturing
1.7 % 1.1 % 1.5 % 2.7 % -2.2 %
Durable Goods
1.3 % 1.5 % 1.1 % 2.6 % -1.7 %
Nondurable Goods
2.4 % 0.5 % 2.2 % 2.6 % -3.3 %




Hourly Compensation
(Y / Y in %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
3.5 % 4.1 % 2.4 % 4.3 % -0.2 %
Nonfarm business
3.3 % 5 % 1.9 % 3.6 % 2.8 %
Manufacturing
3.1 % 4.5 % 2.1 % 4.1 % 0.3 %
Durable Goods
4.3 % 3.5 % 3.1 % 4.1 % -1.4 %
Nondurable Goods
4.8 % 4.5 % 1.6 % 1.8 % -1.1 %


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


Hourly Compensation
(Q / Q in %)

III Quarter
2019
prel.
II Quarter
2019
prel.
I Quarter
2019
prel.
IV Quarter
2018
prel.
III Quarter
2018
prel.
Total Business
3.3 % 5 % 1.9 % 3.6 % 2.8 %
Nonfarm business
3.3 % 4.8 % 1.8 % 3.9 % 3.1 %
Manufacturing
3.5 % 4.1 % 2.4 % 4.3 % -0.2 %
Durable Goods
3.1 % 4.5 % 2.1 % 4.1 % 0.3 %
Nondurable Goods
4.3 % 3.5 % 3.1 % 4.1 % -1.4 %


Source: Department of Labor, BLS.gov


             
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