Keeping you up to date on the latest data releases.
- Productivity and Costs
Nonfarm business sector productivity?real output per hour of all persons—rose at an annualized rate of 3.1 percent in the third quarter. Second-quarter productivity was revised up from a 0.7 percent decline to a slight 0.1 percent loss, entirely due to upwardly revised output growth. The third quarter growth was driven by output, which grew 3.8 percent over the quarter, while hours increased just 0.6 percent. Hourly compensation increased 0.6 percent. After adjusting for price changes, real hourly compensation fell 2.4 percent, pulling its four-quarter change down to a 1.4 percent decrease. As a result of the stronger productivity numbers and weaker compensation growth, unit labor costs fell 2.4 percent in the third quarter. On a year-over-year basis, unit labor costs have increased 1.2 percent.