“Nonfarm business sector labor productivity increased 2.3 percent during the third quarter of 2018,” the U.S. Bureau of Labor Statistics announced on Thursday.
Key takeaways from the press release
- Output increased 4.1 percent and hours worked increased 1.8 percent.
- From the third quarter of 2017 to the third quarter of 2018, productivity increased 1.3 percent, reflecting a 3.7-percent increase in output and a 2.3-percent increase in hours worked.
- Unit labor costs in the nonfarm business sector increased 0.9 percent in the third quarter of 2018, reflecting a 3.1-percent increase in hourly compensation and a 2.3-percent increase in labor productivity.
- Unit labor costs also increased 0.9 percent over the last four quarters.
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