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According to Market Intelligence, December 2022


US labor costs decline on productivity gains

Nonfarm unit labor costs in the U.S. fell in the second quarter as productivity increased.

Labor costs decreased 1.0% in the second quarter from the prior quarter, higher than the preliminary estimate of a 0.9% decline, according to revised data from the U.S. Bureau of Labor Statistics.

Nonfarm business-sector labor productivity rose 2.9% in the second quarter as output climbed 5.0% and hours worked increased 2.0%. Hourly compensation rose 1.9%, down from an earlier estimate of 2.0%.

Compared with a year ago, second-quarter productivity ticked up 1.3%, reflecting a 3.5% increase in output and a 2.2% rise in hours worked.

Productivity in the manufacturing sector ticked up 1.5% on a quarterly basis, compared with an earlier estimate of a 0.9% increase.