The US economy continues to break records for all the wrong reasons. Non-farm labor productivity decreased 4.1% (consensus -4.6%) with the revised report in the second quarter of 2022 largest decline in a series that began in the first quarter of 1948. Unit labor costs increased 10.2% (consensus 10.7%) versus a 10.8% increase seen in the advance report. Unit labor costs saw the largest four-quarter increase (9.3%) since the first quarter of 1982 and following a 12.7 percent surge in the first quarter.
United States Nonfarm Labor Productivity Q2 2022
- Nonfarm productivity decreased 2.4% from the same quarter a year ago
- The largest decline in a series that began in the first quarter of 1948; meanwhile
- The decline in Q2 productivity stemmed from a 1.4% decrease in output and a 2.7% increase in hours worked.
United States Nonfarm Unit Labour Cost Q2 2022
- Unit labor costs in the US non-farm business sector jumped by 10.2 percent in the second quarter of 2022, below initial estimates of a 10.8 percent rise and following a 12.7 percent surge in the first quarter.
- The increase in unit labor costs reflected a 5.7% increase in hourly compensation and a 4.1% decrease in productivity.
- Unit labor costs saw the largest four-quarter increase (9.3%) since the first quarter of 1982.
Source: BLS
From: The TradersCommunity News Desk