Nonfarm unit labor costs in the U.S. nonfarm business sector increased more quickly than initially estimated in the fourth quarter of 2017, while labor productivity growth was flat, the Bureau of Labor Statistics said, revising earlier data.
Labor costs rose 2.5% in the fourth quarter from the previous three-month period, higher than the preliminary estimate of a 2% increase.
Nonfarm labor productivity was unchanged, up slightly from a preliminary estimate of a 0.1% decline. Output rose 3.2% and hours worked increased 3.3%, in line with the previously reported levels.
Manufacturing sector labor productivity climbed 6.0%, up from the initial reading of 5.7% growth. Output grew 6.6% and hours worked went up 0.5%.
Year over year, nonfarm labor productivity went up 1.1% in the quarter, reflecting a 3.2% growth in output and a 2.1% increase in hours worked.
Third-quarter nonfarm business productivity growth was revised down slightly to a 2.6% increase. Unit labor costs were revised up from a 0.1% decline to a 1.0% increase.
