Productivity and Labor Costs Report for Q2 2019 (Revised)

The Labor Department's Bureau of Labor Statistics (BLS) this morning released its quarterly report on Productivity and Unit Labor Costs for the second quarter of 2019 (revised):

Nonfarm Productivity
Predicted: +2.3%
Actual: +2.3%

• Change from A Year Ago: +1.8%

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Unit Labor Costs
Predicted: +2.4%
Actual: +2.6%

• Change from A Year Ago: +2.6%

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The yellow-highlighted percentages represent the quarter-to-quarter change in non-farm productivity and unit labor costs for the United States.


For non-farm productivity, a positive number represents an improvement in the efficiency of producing domestic goods and services in the U.S., and therefore can signify a favorable inflationary outlook, and vice versa.

The Unit Labor Costs report measures the costs related to producing each unit of output. A positive number can be a harbinger of rising inflation, and vice versa.

The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.


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Chart: Labor Productivity | Q1 2015 Through Q2 2019 (Revised)

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Chart: Unit Labor Costs | Q1 2015 Through Q2 2019 (Revised)

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• The revised productivity report for Q3 2019 is scheduled to be released on Tuesday, December 10, 2019.

 
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• Click here to view the full Labor Department report (PDF.)

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