Productivity and Labor Costs Report for Q1 2023 (Preliminary)

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 2023 (preliminary):

Nonfarm Productivity
Predicted: -1.0%
Actual: -2.7%

• Change from A Year Ago: -0.9%

=============

Unit Labor Costs
Predicted: +4.0%
Actual: +6.3%

• Change from A Year Ago: +5.8%

=============

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.


===================

 

CHART: Labor Productivity
Q1 2019 Through Q1 2023 (Preliminary)

===================

CHART: Unit Labor Costs
Q1 2019 Through Q1 2023 (Preliminary)

===================

  

 

  CHART: Labor Productivity, Output
and Hours Worked Index Series
 Q4 2019 through Q1 2023

    

===================

 

From Today's Report

 

"...From the same quarter a year ago, nonfarm business sector labor productivity decreased 0.9%, reflecting a 1.3% increase in output and a 2.3% increase in hours worked. The 0.9-percent productivity decline is the first time the four-quarter change series has remained negative for five consecutive quarters; this series begins in the first quarter of 1948..."

 ===================

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

===================

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Employment Cost Index for Q1, 2023

Employment Cost Index (ECI) for the first quarter of 2023 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +1.1%
Actual: +1.2%

• Reading from previous quarter: +1.1%
   
• Change from 12 months previous (Y/Y): +4.8%

The yellow-highlighter figure represents the seasonally adjusted, quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

==================

• Wages and Salaries: +1.2%
  
  
• Change from 12 months previous (Y/Y): +5.0% 

==================

• Benefits: +1.2%
  
  
• Change from 12 months previous (Y/Y): +4.5% 

==================


From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

CHART: Wages and Salaries and Benefits
for Civilian Workers
12 Month Percent Change
Not Seasonally Adjusted
 First Quarter, 2023 UPDATE

==================

• Click here to view the full Department of Labor report.
  
  
  
• Charts and Tables

==================

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Productivity and Labor Costs Report for Q1 2022 (Revised)

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 (revised):

Nonfarm Productivity
Predicted: -7.5%
Actual: -7.3%

• Change from A Year Ago: -0.6%

=============

Unit Labor Costs
Predicted: +10.0%
Actual: +12.6%

• Change from A Year Ago: +8.2%

=============

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.


===================

 

From Today's Report

 

"...Nonfarm business sector labor productivity decreased 7.3% in the first quarter of 2022, the U.S. Bureau of Labor Statistics reported today, as output decreased 2.3 percent and hours worked increased 5.4%. 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-percent increase in output that was outpaced by a 4.8% increase in hours worked. (See chart 1 and table A1.) 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 12.6% in the first quarter of 2022, reflecting a 4.4% increase in hourly compensation and a 7.3% decrease in productivity. Unit labor costs increased 8.2% over the last four quarters. (See chart 2 and tables A1 and 2.) This is the largest four-quarter increase in this measure since another 8.2% increase in the third quarter of 1982. BLS calculates unit labor costs as the ratio of hourly compensation to labor productivity. Increases in hourly compensation tend to increase unit labor costs and increases in productivity tend to reduce them..."

 ===================

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

===================

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Productivity and Labor Costs Report for Q1 2022 (Preliminary)

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%

• Change from A Year Ago: -0.6%

=============

Unit Labor Costs
Predicted: +10.0%
Actual: +11.6%

• Change from A Year Ago: +7.2%

=============

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.


===================

 

 

CHART: Labor Productivity
Q1 2018 Through Q1 2022 (Preliminary)

===================

 

CHART: Unit Labor Costs
Q1 2018 Through Q1 2022 (Preliminary)

===================

 

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..."

 ===================

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

===================

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Employment Cost Index for Q1, 2022

The Employment Cost Index (ECI) for the first quarter of 2022 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +1.0%
Actual: +1.4%

• Reading from previous quarter: +1.0%
   
• Change from 12 months previous (Y/Y): +4.5%

The yellow-highlighter figure represents the seasonally adjusted, quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

==================

• Wages and Salaries: +1.2%
  
  
• Change from 12 months previous (Y/Y): +4.7% 

==================

• Benefits: +1.8%
  
  
• Change from 12 months previous (Y/Y): +4.1% 

==================


From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

CHART: Wages and Salaries and Benefits for Civilian Workers
12 Month Percent Change - Q1, 2022 UPDATE

==================

• Click here to view the full Department of Labor report.
  
  
  
• Charts and Tables

==================

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Employment Cost Index for Q4, 2021

The Employment Cost Index (ECI) for the fourth quarter of 2021 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +0.9%
Actual: +1.0%

• Reading from previous quarter: +1.3%
   
• Change from 12 months previous (Y/Y): +4.0%

The yellow-highlighter figure represents the seasonally adjusted, quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

==================

• Wages and Salaries: +1.1%
  
  
• Change from 12 months previous (Y/Y): +4.5% 

==================

• Benefits: +0.9%
  
  
• Change from 12 months previous (Y/Y): +2.8% 

==================


From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

CHART: Wages and Salaries and Benefits
for Civilian Workers 12 Month Percent Change

==================

• Click here to view the full Department of Labor report.
  
  
  
• Charts and Tables

==================

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Employment Cost Index for Q2, 2019

The Employment Cost Index (ECI) for the second quarter of 2019 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +0.7%
Actual: +0.6%

• Reading from previous quarter: +0.7%
   
• Change from 12 months previous (Y/Y): +2.7%

The yellow-highlighter figure represents the seasonally adjusted, quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

==================

• Wages and Salaries: +0.7%
  
  
• Change from 12 months previous (Y/Y): +2.9% 

==================

• Benefits: +0.5%
  
  
• Change from 12 months previous (Y/Y): +2.3% 

==================


From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

Chart: Employment Cost Index - Q2, 2019 Update

==================

• The ECI report for the third quarter of 2019 is scheduled for release on October 31, 2019.
  
  

• Click here to view the full Department of Labor report.
  
  
  
• Charts and Tables

==================

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Employment Cost Index for Q4, 2018

The Employment Cost Index (ECI) for the fourth quarter of 2018 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +0.7%
Actual: +0.7%

• Reading from previous quarter: +0.8%
   
• Change from 12 months previous (Y/Y): +2.9%

The yellow-highlighter figure represents the seasonally adjusted, quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

==================

• Wages and Salaries: +0.6%
  
  
• Change from 12 months previous (Y/Y): +3.1% 

==================

• Benefits: +0.7%
  
  
• Change from 12 months previous (Y/Y): +2.8% 

==================


From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

Employment Cost Index - Q4, 2018 Update

==================

• The ECI report for the fourth quarter of 2018 is scheduled for release on April 30, 2019.
  
  

• Click here to view the full Department of Labor report.
  
  
  
• Charts and Tables

==================

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Employment Cost Index for Q3, 2018

The Employment Cost Index (ECI) for the third quarter of 2018 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +0.7%
Actual: +0.8%

• Reading from previous quarter: +0.6%
   
• Change from 12 months previous (Y/Y): +2.8%

The yellow-highlighter figure represents the seasonally adjusted, quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

==================

• Wages and Salaries: +0.9%
  
  
• Change from 12 months previous (Y/Y): +2.9% 

==================

• Benefits: +0.4%
  
  
• Change from 12 months previous (Y/Y): +2.6% 

==================


From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

Employment Cost Index - Q3, 2018 Update

==================

• The ECI report for the fourth quarter of 2018 is scheduled for release on January 31, 2019.
  
  

• Click here to view the full Department of Labor report.
  
  
• Charts and Tables

==================

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Employment Cost Index for Q2, 2018

The Employment Cost Index (ECI) for the second quarter of 2018 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +0.7%
Actual: +0.6%

• Reading from previous quarter: +0.8%
   
• Change from 12 months previous (Y/Y): +2.8%

The yellow-highlighter figure represents the seasonally adjusted, quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

==================

• Wages and Salaries: +0.5%
  
  
• Change from 12 months previous (Y/Y): +2.8% 

==================

• Benefits: +0.9%
  
  
• Change from 12 months previous (Y/Y): +2.9% 

==================


From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

Employment Cost Index - Q2, 2018 Update

==================

• The ECI report for September 2018 will be released on October 31, 2018.
  
  

• Click here to view the full Department of Labor report.
  
  
• Charts and Tables

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Employment Cost Index for Q1, 2018

The Employment Cost Index (ECI) for the first quarter of 2018 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +0.7%
Actual: +0.8%

==================

• Reading from previous quarter: +0.6%
   
• Change from 12 months previous (Y/Y): +2.7%

==================

The yellow-highlighter figure represents the quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

==================

• Wages and Salaries: +0.9%
  
  
• Benefits: +0.7%

==================


From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

• The ECI report for the second quarter of 2018 will be released on July 31, 2018.
  
  

• Click here to view the full Department of Labor report.
  
  
• Charts and Tables

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Employment Cost Index for Q4, 2017

The Employment Cost Index (ECI) for the fourth quarter of 2017 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +0.6%
Actual: +0.6%

==================

• Reading from previous quarter: +0.7%
   
• Change from 12 months previous (Y/Y): +2.6%

==================

The yellow-highlighter figure represents the quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

==================

• Wages and Salaries: +0.5%
  
  
• Benefits: +0.5%

==================


From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

• The ECI report for the first quarter of 2018 will be released on April 27, 2018.
  
  

• Click here to view the full Department of Labor report.
  
  
• Charts and Tables

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Employment Cost Index for Q2, 2017

The Employment Cost Index (ECI) for the second quarter of 2017 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +0.6%
Actual: +0.5%

==================

• Reading from previous quarter: +0.8%
   
• Change from 12 months previous: +2.4%

==================

The yellow-highlighter figure represents the quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

• The ECI report for the third quarter of 2017 will be released on October 31, 2017.
  
  

• Click here to view the full Department of Labor report.
  
  
• Charts and Tables

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Employment Cost Index for Q1, 2017

The Employment Cost Index (ECI) for the first quarter of 2017 was released by The Labor Department's Bureau of Labor Statistics this morning:

Predicted: +0.6%
Actual: +0.8%

• Reading from previous quarter: +0.5%
   
• Change from 12 months previous: +2.4%

The yellow-highlighter figure represents the quarter-to-quarter change for the ECI, which is the Labor Department's broadest measure of employee-compensation costs, and includes wages, salaries and benefits.

From the Labor Department website:

"...The Employment Cost Index (ECI) measures the change in the cost of labor, free from the influence of employment shifts among occupations and industries..."

==================

• The ECI report for the second quarter of 2017 will be released on July 28, 2017.
  

• Click here to view the full Department of Labor report.
  
  
• Charts and Tables

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Productivity and Labor Cost Report for Q4 2016 (Preliminary)

The Labor Department's Bureau of Labor Statistics (BLS) this morning released its quarterly report on Productivity and Unit Labor Costs for the fourth quarter of 2016 (preliminary):

Nonfarm Productivity
Predicted: +1.2%
Actual: +1.3%

Previous Reading, Revised: +3.5%

=============

Unit Labor Costs
Predicted: +1.8%
Actual: +1.7%

Previous Reading, Revised: +0.2%

=============

The yellow-highlighted figures represent the quarter-to-quarter change in non-farm productivity and unit labor costs.

=============

Labor Productivity, Q4 2016 (Preliminary)

=============

Unit Labor Costs, Q4 2016 (Preliminary)

=============

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.

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

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Productivity and Labor Cost Report for Q3 2016 (Revised)

The Labor Department's Bureau of Labor Statistics (BLS) this morning released its quarterly report on Productivity and Unit Labor Costs for the third quarter of 2016 (revised reading):

Nonfarm Productivity
Predicted: +3.3%
Actual: +3.1%

Unit Labor Costs
Predicted: +0.3%
Actual: +0.7%

The highlighted figures represent the quarter-to-quarter change in non-farm productivity and unit labor costs.

From today's report:

"...The quarterly increase in nonfarm business sector labor productivity was the first increase after three consecutive declines in the measure. From the third quarter of 2015 to the third quarter of 2016, productivity was unchanged..."

-----------------------------

Labor Productivity, Q3 2016

-----------------------------

Unit Labor Costs, Q3 2016

-----------------------------

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.

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

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Productivity and Labor Cost Report for Q3 2016 Released Today (Preliminary)

The Labor Department's Bureau of Labor Statistics (BLS) this morning released its quarterly report on Productivity and Unit Labor Costs for the third quarter of 2016 (preliminary reading):

Nonfarm Productivity
Predicted: +2.2%
Actual: +3.1%

Unit Labor Costs
Predicted: +1.4%
Actual: +0.3%

The highlighted figures represent the quarter-to-quarter change in non-farm productivity and unit labor costs.

From today's report:

"...From the third quarter of 2015 to the third quarter of 2016, productivity was unchanged..."

-----------------------------

Labor Productivity

-----------------------------

Unit Labor Costs

-----------------------------

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.

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

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Productivity and Labor Cost Report for Q2 2016 Released Today (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 2016 (revised data):

Nonfarm Productivity
Predicted: -0.6%
Actual: -0.6%

Unit Labor Costs
Predicted: +2.1%
Actual: +4.3%

The highlighted figures represent the quarter-to-quarter change in non-farm productivity and unit labor costs.

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.

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

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Productivity and Labor Costs Report for Q1 2016 Released Today (Revised)

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 2016 (revised data):

Nonfarm Productivity
Predicted: -0.6%
Actual: -0.6%

Unit Labor Costs
Predicted: +4.1%
Actual: +4.5%

The highlighted figures represent the quarter-to-quarter change in non-farm productivity and unit labor costs.

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.

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

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Productivity and Labor Cost Report for Q1 2016 Released Today (Preliminary)

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 2016 (preliminary reading):

Nonfarm Productivity
Predicted: -1.2%
Actual: -1.0%

Unit Labor Costs
Predicted: +3.5%
Actual: +4.1%

The highlighted figures represent the quarter-to-quarter change in non-farm productivity and unit labor costs.

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.

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

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