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US quarterly labor costs growth revised up

Nonfarm unit labor costs in the U.S. rose more than initially estimated in the first quarter, reflecting gains in hourly compensation and productivity, according to the final data from the U.S. Bureau of Labor Statistics.

Labor costs increased 2.9% in the first quarter from the previous three-month period, higher than the preliminary estimate of a 2.7% gain.

Nonfarm labor productivity grew 0.4% during the quarter, down from the initial estimate of 0.7%, reflecting a 2.7% gain in output and a 2.3% increase in hours worked. Hourly compensation rose 3.3%

Manufacturing-sector labor productivity fell 1.2% in the first quarter after initially estimated growth of 0.5%. Output rose 1.7%, while hours worked increased 2.9%.

Year over year, productivity edged up 1.3%, with a 3.6% gain in output; hours worked increased 2.3%

In the fourth quarter of 2017, labor productivity edged up 0.3%, while the gain in unit labor costs was revised up to 2.5% from 2.1%.