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Productivity and wages are up

U.S. Productivity Economic Indicators



Americans have earned more in second-quarter and productivity grew as well, as decline in manufacturing offset an increase in nonfarm business productivity.In the second-quarter U.S. productivity soared by 8.9 % on the seasonally adjusted basis, reported by the 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.

Output
Business output dropped by -37.2 % on the seasonally adjusted basis, led by decline in nonfarm business, durable goods manufacturing and in total manufacturing.




Compensation
U.S. real hourly compensation continued to grew by higher rate, fueling higher consumer spending, the main source of domestic growth, the real hourly compensation grew in double digits by 23.7 % on the seasonally adjusted basis, as real hourly compensation costs in nonfarm businesses increased the most.
The measure includes accrued inflation-adjusted wages and salaries, supplements, employer contributions to employee benefit plans, and taxes. Compare to a year ago real hourly compensation soared by 23.7 %.


I Quarter productivity was revised to 0 % growth.


U.S. labor costs continued to grew by higher rate, the labor costs soared by 9.6 % on the seasonally adjusted basis, led by increases in nonfarm business, durable goods manufacturing and in total manufacturing.

The measures of unit labor costs describe the relationship between compensation per hour and productivity Over the past 12 months, labor costs grew by 4.9 %.

Category
Businesses productivity grew by 2.5 % over the past 12 months, .U.S. business production dropped by -11.1 % from a year ago





Productivity
(Y / Y in %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
2.5 % - % 1.8 % 1.5 % 1.8 %
Nonfarm business
2.8 % -0.3 % 1.8 % 1.4 % 1.8 %
Manufacturing
-3.7 % 1.6 % -0.6 % -0.1 % 0.2 %
Durable Goods
-8.3 % -2.5 % -0.3 % 0.6 % 0.7 %
Nondurable Goods
-0.4 % 5.8 % -1.2 % -0.6 % -0.1 %



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 %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
8.9 % - % 1 % -0.3 % 2.6 %
Nonfarm business
10.1 % -0.3 % 1.2 % -0.3 % 2.3 %
Manufacturing
-14.6 % 1.7 % -0.8 % -0.1 % -1.6 %
Durable Goods
-26.9 % -2.6 % -0.9 % 1.2 % -0.9 %
Nondurable Goods
-5.1 % 6.2 % -1.2 % -1.5 % -2.6 %



Output
(Y / Y in %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
-11.1 % -6 % 2.7 % 2.3 % 2.7 %
Nonfarm business
-11.2 % -6.4 % 2.6 % 2.3 % 2.6 %
Manufacturing
-15.7 % -5.6 % -1.1 % -0.5 % 0.4 %
Durable Goods
-57.9 % -9.8 % -1.4 % 2.4 % -1.8 %
Nondurable Goods
-9.5 % -1 % -0.9 % -1.7 % -0.7 %



Output
(Q / Q in %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
-37.2 % -6 % 2.4 % 2.2 % 2.1 %
Nonfarm business
-37.1 % -6.4 % 2.4 % 2.1 % 1.9 %
Manufacturing
-47 % -5.4 % -0.4 % 1.1 % -2.1 %
Durable Goods
-57.9 % -9.8 % -1.4 % 2.4 % -1.8 %
Nondurable Goods
-33.5 % -0.6 % 0.8 % -0.2 % -2.4 %



Unit Labor Costs
(Y / Y in %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
4.9 % 9.2 % 1.7 % 3 % 2.5 %
Nonfarm business
4.9 % 9.8 % 1.7 % 3.1 % 2.5 %
Manufacturing
8.9 % 4.6 % 3.7 % 4.9 % 4.3 %
Durable Goods
13.9 % 7.3 % 3.5 % 4.2 % 3.6 %
Nondurable Goods
6.4 % 3.6 % 4.3 % 5.4 % 4.6 %


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 %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
9.6 % 9 % 0.9 % 3.6 % 2.3 %
Nonfarm business
9 % 9.6 % 0.9 % 3.6 % 2.4 %
Manufacturing
29.1 % 4.2 % 3.6 % 3.6 % 5.8 %
Durable Goods
49.2 % 7.3 % 5.1 % 1.9 % 5.5 %
Nondurable Goods
20.7 % 2.6 % 1.6 % 5.8 % 6.3 %




Hours Worked
(Y / Y in %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
-13.3 % -6 % 0.8 % 0.8 % 0.9 %
Nonfarm business
-13.6 % -6.1 % 0.8 % 0.9 % 0.8 %
Manufacturing
-12.4 % -7 % -0.5 % -0.4 % 0.2 %
Durable Goods
-14.4 % -7.4 % -1 % - % 0.7 %
Nondurable Goods
-9.1 % -6.4 % 0.2 % -1.1 % -0.6 %


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 %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
-42.3 % -6 % 1.4 % 2.5 % -0.5 %
Nonfarm business
-42.9 % -6.1 % 1.2 % 2.4 % -0.4 %
Manufacturing
-38 % -7 % 0.4 % 1.3 % -0.5 %
Durable Goods
-42.4 % -7.4 % -0.5 % 1.2 % -0.9 %
Nondurable Goods
-30 % -6.4 % 2 % 1.3 % 0.3 %




Real Hourly Compensation
(Y / Y in %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
23.7 % 7.7 % -0.5 % 1.5 % 2 %
Nonfarm business
7.4 % 8.1 % 1.5 % 2.7 % 2.5 %
Manufacturing
4.3 % 4.9 % 1.1 % 3 % 2.6 %
Durable Goods
4 % 3.3 % 1.1 % 3 % 2.5 %
Nondurable Goods
5.5 % 8.3 % 1 % 2.9 % 2.6 %




Real Hourly Compensation
(Q / Q in %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
23.7 % 7.7 % -0.5 % 1.5 % 2 %
Nonfarm business
24.4 % 7.9 % -0.2 % 1.4 % 1.8 %
Manufacturing
14.4 % 4.7 % 0.4 % 1.7 % 1.1 %
Durable Goods
13.1 % 3.2 % 1.7 % 1.3 % 1.5 %
Nondurable Goods
18.8 % 7.7 % -1.9 % 2.4 % 0.5 %




Hourly Compensation
(Y / Y in %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
10.3 % 6 % 2.8 % 3.5 % 4.1 %
Nonfarm business
19.3 % 9 % 1.9 % 3.3 % 5 %
Manufacturing
9.1 % 4.5 % 4.2 % 3.1 % 4.5 %
Durable Goods
14.6 % 9 % 0.4 % 4.3 % 3.5 %
Nondurable Goods
6 % 9.6 % 3.1 % 4.8 % 4.5 %


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


Hourly Compensation
(Q / Q in %)

II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
II Quarter
2019
prel.
Total Business
19.3 % 9 % 1.9 % 3.3 % 5 %
Nonfarm business
20 % 9.2 % 2.1 % 3.3 % 4.8 %
Manufacturing
10.3 % 6 % 2.8 % 3.5 % 4.1 %
Durable Goods
9.1 % 4.5 % 4.2 % 3.1 % 4.5 %
Nondurable Goods
14.6 % 9 % 0.4 % 4.3 % 3.5 %


Source: Department of Labor, BLS.gov


       
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