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Productivity accelerates

U.S. Productivity Economic Indicators



Productivity increased on the faster pace again, manily due to decrease in labor costs.U.S. productivity increased in the fourth-quarter on the seasonally adjusted basis by 2 %, reported by the U.S. Labor Department. Labor productivity increases offset compensation increases and lower unit labor costs.

Output
Business production continues to grow by higher rate, production grew by 3 % on the seasonally adjusted basis, as production in nonfarm businesses increased the most.




Compensation
U.S. real hourly compensation has rebounded from the decline in previous period, helping to improve consumer spending the largest contributor to the nation's economic growth, the hourly wages rose by 1.1 % 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 increased by 1.1 % from a year ago.



U.S. labor costs have increased by smaller rate than a quarter ago, the business labor costs jumped by 3.3 % 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 6.4 %.

Category
Productivity fell by -1.8 % from a year ago, mainly because increase in the labor costs.U.S. business production rose by 0.6 % over the past year





Productivity
(Y / Y in %)

IV Quarter
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
-1.8 % -1.4 % -2.3 % -0.6 % 2 %
Nonfarm business
-1.8 % -1.4 % -2.4 % -0.6 % 1.9 %
Manufacturing
-1.9 % -0.6 % 0.2 % 1.5 % 1.3 %
Durable Goods
-1.9 % -0.4 % 1.3 % 2 % 2.2 %
Nondurable Goods
-1.1 % -0.4 % -0.7 % 0.8 % 0.3 %



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
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
2 % 0.1 % -3.6 % -7.6 % 6.6 %
Nonfarm business
1.7 % 0.3 % -4.1 % -7.3 % 6.6 %
Manufacturing
-2.7 % -1.3 % 4.7 % 0.2 % -0.1 %
Durable Goods
-3.1 % -4.3 % 4.9 % 0.9 % 2.8 %
Nondurable Goods
-2.2 % 4 % 5.2 % - % -4 %



Output
(Y / Y in %)

IV Quarter
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
0.6 % 1.9 % 1.6 % 4 % 6.8 %
Nonfarm business
0.7 % 1.9 % 1.7 % 4.2 % 7 %
Manufacturing
0.7 % 3.8 % 4.4 % 5 % 4.6 %
Durable Goods
-3.5 % 2 % 5.3 % 6.9 % 6.9 %
Nondurable Goods
-0.5 % 2.7 % 2.6 % 5.1 % 4 %



Output
(Q / Q in %)

IV Quarter
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
3 % 2.6 % -1.4 % -2.4 % 9 %
Nonfarm business
3.1 % 2.8 % -1.4 % -2.3 % 9.1 %
Manufacturing
-3 % 1.9 % 4 % 5.1 % 5.8 %
Durable Goods
-3.5 % 2 % 5.3 % 6.9 % 6.9 %
Nondurable Goods
-2.5 % 1.8 % 2.7 % 3.2 % 4.5 %



Unit Labor Costs
(Y / Y in %)

IV Quarter
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
IV Quarter
2021
prel.
III Quarter
2021
prel.
Total Business
6.4 % 6.2 % 9.4 % 3.7 % 6.5 %
Nonfarm business
6.3 % 6.1 % 9.3 % 3.5 % 6.3 %
Manufacturing
6.3 % 4.3 % 4.5 % 1.5 % 3.7 %
Durable Goods
5.8 % 3.9 % 1.7 % -0.9 % 4 %
Nondurable Goods
6.3 % 4.2 % 8.6 % 5.6 % 2.7 %


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
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
3.3 % 3.6 % 10.1 % 12.7 % 1 %
Nonfarm business
3.2 % 3.5 % 10.2 % 12.6 % 0.9 %
Manufacturing
7.7 % 3.8 % -0.2 % 5.7 % 1.4 %
Durable Goods
7.4 % 6.3 % - % 5.1 % -3.3 %
Nondurable Goods
8.6 % -0.8 % -1.6 % 5.5 % 9.4 %




Hours Worked
(Y / Y in %)

IV Quarter
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
2.5 % 3.3 % 4 % 4.6 % 4.7 %
Nonfarm business
2.6 % 3.4 % 4.2 % 4.8 % 4.9 %
Manufacturing
2.7 % 4.4 % 4.2 % 3.4 % 3.2 %
Durable Goods
3.9 % 5.2 % 4.7 % 2.9 % 2.9 %
Nondurable Goods
0.6 % 3.1 % 3.3 % 4.3 % 3.7 %


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
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
1 % 2.5 % 2.3 % 5.6 % 2.3 %
Nonfarm business
1.4 % 2.4 % 2.7 % 5.4 % 2.4 %
Manufacturing
-0.4 % 3.3 % -0.7 % 4.9 % 5.8 %
Durable Goods
-0.4 % 6.6 % 0.4 % 6 % 4 %
Nondurable Goods
-0.3 % -2.1 % -2.4 % 3.2 % 8.8 %




Real Hourly Compensation
(Y / Y in %)

IV Quarter
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
1.1 % -1.9 % -4 % -4.6 % -0.2 %
Nonfarm business
-2.4 % -3.4 % -1.7 % -0.4 % -1.1 %
Manufacturing
-2.4 % -4.3 % -3.6 % -1.5 % -3.6 %
Durable Goods
-3 % -4.5 % -5.2 % -2.6 % -5.1 %
Nondurable Goods
-1.7 % -4.2 % -0.6 % 0.8 % -0.7 %




Real Hourly Compensation
(Q / Q in %)

IV Quarter
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
1.1 % -1.9 % -4 % -4.6 % -0.2 %
Nonfarm business
0.7 % -1.7 % -4.4 % -4.4 % -0.3 %
Manufacturing
0.6 % -3.1 % -5.5 % -3 % -6.1 %
Durable Goods
-0.1 % -3.8 % -5.1 % -2.9 % -7.9 %
Nondurable Goods
2 % -2.4 % -6.4 % -3.3 % -2.6 %




Hourly Compensation
(Y / Y in %)

IV Quarter
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
4.8 % 2.4 % 4.5 % 5.9 % 1.3 %
Nonfarm business
5.3 % 3.7 % 6.1 % 4.1 % 7.7 %
Manufacturing
4 % 1.7 % 4.9 % 6 % -0.6 %
Durable Goods
6.2 % 3.1 % 3.5 % 5.5 % 5.1 %
Nondurable Goods
5.1 % 3.8 % 7.9 % 8.8 % 5.9 %


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
2022
prel.
III Quarter
2022
prel.
II Quarter
2022
prel.
I Quarter
2022
prel.
IV Quarter
2021
prel.
Total Business
5.3 % 3.7 % 6.1 % 4.1 % 7.7 %
Nonfarm business
4.9 % 3.8 % 5.7 % 4.4 % 7.5 %
Manufacturing
4.8 % 2.4 % 4.5 % 5.9 % 1.3 %
Durable Goods
4 % 1.7 % 4.9 % 6 % -0.6 %
Nondurable Goods
6.2 % 3.1 % 3.5 % 5.5 % 5.1 %


Source: Department of Labor, BLS.gov




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