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 2021 (preliminary):
Nonfarm Productivity
Predicted: +5.0%
Actual: +6.6%
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Unit Labor Costs
Predicted: +0.5%
Actual: +0.3%
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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: +6.6%
- Change from A Year Ago: +2.0%
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Unit Labor Costs
Predicted: +0.5%
Actual: +0.3%
- Change from A Year Ago: +3.1%
=============
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 2017 Through Q4 2021 (Preliminary)
Q1 2017 Through Q4 2021 (Preliminary)
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Chart: Unit Labor Costs
Q1 2017 Through Q4 2021 (Preliminary)
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