Keeping you up to date on the latest data releases.
- Productivity and Costs
Nonfarm business sector productivity—real output per hour of all persons—decreased 0.3 percent in the second quarter of 2011. Output increased 1.8 percent from 0.9 percent in the first quarter. Hours also continued to increase, 2.0 percent, from the first quarter estimate of 1.5 percent. Compensation and unit labor costs increased 1.9 percent and 2.2 percent, respectively in the second quarter. The NIPA revisions were incorporated into this release which show the first quarter of 2011 was revised down to −0.6 percent from an initial estimate of 1.8 percent. For 2010, nonfarm business sector productivity growth was revised up to 4.1 percent from 3.9 percent. However the 2010 unit labor cost revision to −2.0 percent, marks the largest annual decline in the series since it began in 1948. Productivity was also knocked down in 2009 and 2008 falling from 3.7 percent to 2.3 percent and 1.0 percent to 0.6 percent, respectively.