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U.S. productivity increased in third-quarter

U.S. Productivity Economic Indicators



In the third-quarter U.S. productivity soared by 6 % on the seasonally adjusted basis, reported by the Labor Department. Productivity reflects 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.

Output
Business output continues to grow by higher rate, production grew in double digits by 43.6 % on the seasonally adjusted basis, led by increases in nonfarm business, durable goods manufacturing and in total manufacturing




Compensation
U.S. real hourly compensation has continued to decline. Economists say that consumer spending probably cannot grow, unless paychecks increase, the hourly compensation dropped by -6.1 % on the seasonally adjusted basis, as hourly compensation in nonfarm businesses fell the most, by -7.1 %.
The measure includes accrued inflation-adjusted wages and salaries, supplements, employer contributions to employee benefit plans, and taxes. U.S. hourly inflation-adjusted compensation dropped by -6.1 % from a year ago.



U.S. labor costs continues to grow by higher rate, production dropped by -6.8 % on the seasonally adjusted basis, led by decline in nonfarm business, durable goods manufacturing and in total manufacturing.

Labor productivity increases offset compensation increases and lower unit labor costs Over the past 12 months, labor costs grew by 4.9 %.

Category
Over the past 12 months, productivity grew by 4.2 % helping businesses to increase profitability.U.S. business production faded by -3.2 % for the year





Productivity
(Y / Y in %)

III Quarter
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
4.2 % 2.5 % - % 1.8 % 1.5 %
Nonfarm business
4 % 2.8 % -0.3 % 1.8 % 1.4 %
Manufacturing
1 % -3.7 % 1.6 % -0.6 % -0.1 %
Durable Goods
0.8 % -8.3 % -2.5 % -0.3 % 0.6 %
Nondurable Goods
0.5 % -0.4 % 5.8 % -1.2 % -0.6 %



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
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
6 % 8.9 % - % 1 % -0.3 %
Nonfarm business
4.6 % 10.1 % -0.3 % 1.2 % -0.3 %
Manufacturing
19.9 % -14.6 % 1.7 % -0.8 % -0.1 %
Durable Goods
47 % -26.9 % -2.6 % -0.9 % 1.2 %
Nondurable Goods
0.7 % -5.1 % 6.2 % -1.2 % -1.5 %



Output
(Y / Y in %)

III Quarter
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
-3.2 % -11.1 % -6 % 2.7 % 2.3 %
Nonfarm business
-3.4 % -11.2 % -6.4 % 2.6 % 2.3 %
Manufacturing
-5.8 % -15.7 % -5.6 % -1.1 % -0.5 %
Durable Goods
99.8 % -57.9 % -9.8 % -1.4 % 2.4 %
Nondurable Goods
-4.5 % -9.5 % -1 % -0.9 % -1.7 %



Output
(Q / Q in %)

III Quarter
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
43.6 % -37.2 % -6 % 2.4 % 2.2 %
Nonfarm business
43.4 % -37.1 % -6.4 % 2.4 % 2.1 %
Manufacturing
56.2 % -47 % -5.4 % -0.4 % 1.1 %
Durable Goods
99.8 % -57.9 % -9.8 % -1.4 % 2.4 %
Nondurable Goods
22.6 % -33.5 % -0.6 % 0.8 % -0.2 %



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 %)

III Quarter
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
-6.8 % 9.6 % 9 % 0.9 % 3.6 %
Nonfarm business
-6.6 % 9 % 9.6 % 0.9 % 3.6 %
Manufacturing
-12.1 % 29.1 % 4.2 % 3.6 % 3.6 %
Durable Goods
-26.9 % 49.2 % 7.3 % 5.1 % 1.9 %
Nondurable Goods
-0.4 % 20.7 % 2.6 % 1.6 % 5.8 %




Hours Worked
(Y / Y in %)

III Quarter
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
-7.1 % -13.3 % -6 % 0.8 % 0.8 %
Nonfarm business
-7.1 % -13.6 % -6.1 % 0.8 % 0.9 %
Manufacturing
-6.7 % -12.4 % -7 % -0.5 % -0.4 %
Durable Goods
-7.8 % -14.4 % -7.4 % -1 % - %
Nondurable Goods
-4.9 % -9.1 % -6.4 % 0.2 % -1.1 %


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 %)

III Quarter
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
35.5 % -42.3 % -6 % 1.4 % 2.5 %
Nonfarm business
37.1 % -42.9 % -6.1 % 1.2 % 2.4 %
Manufacturing
30.3 % -38 % -7 % 0.4 % 1.3 %
Durable Goods
35.9 % -42.4 % -7.4 % -0.5 % 1.2 %
Nondurable Goods
21.8 % -30 % -6.4 % 2 % 1.3 %




Real Hourly Compensation
(Y / Y in %)

III Quarter
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
-6.1 % 23.7 % 7.7 % -0.5 % 1.5 %
Nonfarm business
6.8 % 7.4 % 8.1 % 1.5 % 2.7 %
Manufacturing
8.6 % 4.3 % 4.9 % 1.1 % 3 %
Durable Goods
9.7 % 4 % 3.3 % 1.1 % 3 %
Nondurable Goods
6.8 % 5.5 % 8.3 % 1 % 2.9 %




Real Hourly Compensation
(Q / Q in %)

III Quarter
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
-6.1 % 23.7 % 7.7 % -0.5 % 1.5 %
Nonfarm business
-7.1 % 24.4 % 7.9 % -0.2 % 1.4 %
Manufacturing
0.2 % 14.4 % 4.7 % 0.4 % 1.7 %
Durable Goods
2.2 % 13.1 % 3.2 % 1.7 % 1.3 %
Nondurable Goods
-4.7 % 18.8 % 7.7 % -1.9 % 2.4 %




Hourly Compensation
(Y / Y in %)

III Quarter
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
5.3 % 10.3 % 6 % 2.8 % 3.5 %
Nonfarm business
-1.2 % 19.3 % 9 % 1.9 % 3.3 %
Manufacturing
7.4 % 9.1 % 4.5 % 4.2 % 3.1 %
Durable Goods
0.3 % 14.6 % 9 % 0.4 % 4.3 %
Nondurable Goods
8.1 % 6 % 9.6 % 3.1 % 4.8 %


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
2020
prel.
II Quarter
2020
prel.
I Quarter
2020
rest.
IV Quarter
2019
prel.
III Quarter
2019
prel.
Total Business
-1.2 % 19.3 % 9 % 1.9 % 3.3 %
Nonfarm business
-2.3 % 20 % 9.2 % 2.1 % 3.3 %
Manufacturing
5.3 % 10.3 % 6 % 2.8 % 3.5 %
Durable Goods
7.4 % 9.1 % 4.5 % 4.2 % 3.1 %
Nondurable Goods
0.3 % 14.6 % 9 % 0.4 % 4.3 %


Source: Department of Labor, BLS.gov


       
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