The Labor Department's Bureau of Labor Statistics (BLS) this morning released its quarterly report on Productivity and Unit Labor Costs for the first quarter of 2022 (preliminary):
Nonfarm Productivity
Predicted: -5.0%
Actual: -7.5%
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Unit Labor Costs
Predicted: +10.0%
Actual: +11.6%
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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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Nonfarm Productivity
Predicted: -5.0%
Actual: -7.5%
- Change from A Year Ago: -0.6%
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Unit Labor Costs
Predicted: +10.0%
Actual: +11.6%
- Change from A Year Ago: +7.2%
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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 2018 Through Q1 2022 (Preliminary)
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CHART: Unit Labor Costs
Q1 2018 Through Q1 2022 (Preliminary)
Q1 2018 Through Q1 2022 (Preliminary)
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From Today's Report
"...Nonfarm business sector labor productivity decreased 7.5% in the first quarter of 2022, the U.S. Bureau of Labor Statistics reported today, as output decreased 2.4% and hours worked increased 5.5%. This is the largest decline in quarterly productivity since the third quarter of 1947, when the measure decreased 11.7%. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the same quarter a year ago, nonfarm business sector labor productivity decreased 0.6%, reflecting a 4.2% increase in output that was outpaced by a 4.8% increase in hours worked. This is the largest four-quarter decline since the fourth quarter of 1993, when the measure also declined 0.6%.
Unit labor costs in the nonfarm business sector increased 11.6% in the first quarter of 2022, reflecting a 3.2% increase in hourly compensation and a 7.5% decrease in productivity. Unit labor costs increased 7.2% over the last four quarters. This is the largest four-quarter increase in this measure since an 8.2% increase in the third quarter of 1982..."
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