Keeping you up to date on the latest data releases.
- Productivity and Costs
Based on the second estimate, nonfarm business sector productivity—real output per hour of all persons—was revised up in the third quarter from a 1.9 percent increase to a 3.0 percent increase at a seasonally-adjusted annualized rate. This increase is the greatest quarterly improvement since the fourth quarter of 2009 and over the past year, productivity has increased 0.3 percent. The revision to productivity reflects an upward revision to output, which is now estimated to have increased 4.7 percent during the quarter, compared with a prior estimate of 3.7 percent. The increase in hours was unrevised at 1.7 percent. Over the past year, output has increased 2.1 percent, while hours have increased 1.8 percent. Real hourly compensation, which is compensation per hour after controlling for price changes, declined 1.0 percent in the third quarter, compared with a previously estimated decline of 1.3 percent. Unit labor costs, which are measured as hourly compensation per hourly output, declined 1.4 percent for the quarter, following a 2.0 percent increase in the second quarter. Over the past year, unit labor costs have increased 2.1 percent.