“Nonfarm business sector labor productivity increased 2.9 percent during the second quarter of 2018 as output increased 5.0 percent and hours worked increased 2.0 percent,” the U.S. Bureau of Labor Statistics announced on Thursday.
Key quotes
- From the second quarter of 2017 to the second quarter of 2018, productivity increased 1.3 percent, reflecting a 3.5-percent increase in output and a 2.2-percent increase in hours worked.
- Unit labor costs in the nonfarm business sector decreased 1.0 percent in the second quarter of 2018, reflecting a 1.9-percent increase in hourly compensation and a 2.9-percent increase in labor productivity.
- Unit labor costs increased 1.9 percent over the last four quarters.
- Manufacturing sector labor productivity increased 1.5 percent in the second quarter of 2018, as output increased 3.0 percent and hours worked increased 1.5 percent.
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