Largest Fall in US Nonfarm Productivity Since 1948 as Unit Labor Costs Rose 10.2%

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 … Continue reading “Largest Fall in US Nonfarm Productivity Since 1948 as Unit Labor Costs Rose 10.2%”