Transcription of Productivity and Costs, Second Quarter 2018, …
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Productivity and Costs, Second Quarter 2018, …
Transmission of material in this release is embargoed until USDL 18-0333 8:30 (EST) Wednesday, March 7, 2018 Technical information: (202) 691-5606 Media contact: (202) 691-5902 Productivity AND COSTS Fourth Quarter and Annual Averages 2017, Revised Nonfarm business sector labor Productivity growth was revised to percent in the fourth Quarter of 2017, the Bureau of labor Statistics reported today, as output increased percent and hours worked increased percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the fourth Quarter of 2016 to the fourth Quarter of 2017, Productivity increased percent, reflecting a increase in output and a increase in hours worked. (See chart 1 and tables A1 and 2.) Annual average Productivity increased percent from 2016 to 2017.
-2- 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 output per hour tend to reduce
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