trending Market Intelligence /marketintelligence/en/news-insights/trending/-3jTYFdd-xpEu1HyJCHKuA2 content esgSubNav
In This List

US nonfarm labor productivity stable in Q1

Blog

Gauging the Impact of Rate Changes, Growth, and Foreign Fluctuations on the US Economy

Blog

2023 Big Picture: US Consumer Survey Results

Blog

Insight Weekly: Bank mergers of equals return; energy tops S&P 500; green bond sales to rise

Blog

Insight Weekly: US companies boost liquidity; auto insurers hike rates; office sector risk rises


US nonfarm labor productivity stable in Q1

Labor productivity in the U.S. nonfarm sector was unchanged in the first quarter as both output and hours worked increased 1.7%, and unit labor costs rose at a slower pace than previously predicted, the U.S. Bureau of Labor Statistics reported June 5.

According to a prior estimate, nonfarm productivity declined at an annual rate of 0.6% in the first quarter. Year over year, productivity improved by 1.2% in the first quarter, as output climbed 2.5% while hours worked increased 1.3%.

Unit labor costs rose at an annual rate of 2.2% in the first quarter, compared to 3.0% predicted previously, as hourly compensation increased 2.2% and productivity remained unchanged. Year over year, unit labor costs increased at a rate of 1.1%.