According to the latest report published by the U.S. Bureau of Labor Statistics, “nonfarm business sector labor productivity increased 0.4 percent during the first quarter of 2018 as output increased 2.7 percent and hours worked increased 2.3 percent.”
Key quotes
- Unit labor costs in the nonfarm business sector increased 2.9 percent in the first quarter of 2018, reflecting a 3.3-percent increase in hourly compensation and a 0.4-percent increase in productivity.
- Unit labor costs increased 1.3 percent over the last four quarters.
- Manufacturing sector labor productivity decreased 1.2 percent in the first quarter of 2018, as output increased 1.7 percent and hours worked increased 2.9 percent.
- Productivity declined 0.8 percent in the durable manufacturing sector, as output rose 3.3 percent and hours worked increased 4.2 percent.
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