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Economy in Brief

U.S. Productivity Growth Is Revised Up<
by Tom Moeller  September 5, 2012

Workers produced more for their effort in Q2'12 than estimated last month. Nonfarm business sector productivity for last quarter was revised up to 2.2% (1.2% y/y) from last month's estimate of a 1.6% gain. However, since growth in compensation also was revised up to 3.7% (2.2% y/y) from 3.3%, the rise in unit labor costs was lessened just slightly to 1.5% (0.9% y/y) from 1.7%. In the factory sector productivity growth was little-changed at a minimal 0.1% (2.9% y/y), but compensation growth was raised to 0.9% (0.4% y/y). As a result, growth in unit labor costs was raised to 0.8% (-2.4% y/y) from 0.3%.

The productivity & cost figures are available in Haver's USECON database.

 

Productivity & Costs (SAAR,%) Q2'12 (Revised) Q2'12 Q1'12 Q4'11 Q2 Y/Y 2011 2010 2009
Nonfarm Business Sector
Output per Hour (Productivity) 2.2 1.6 -0.5 2.8 1.2 0.7 3.1 2.9
Compensation per Hour 3.7 3.3 5.1 -0.7 2.2 2.7 2.0 1.4
Unit Labor Costs 1.5 1.7 5.6 -3.3 0.9 2.0 -1.0 -1.5
Manufacturing Sector
Output per Hour 0.1 0.2 5.5 0.7 2.9 2.5 6.4 0.1
Compensation per Hour 0.9 0.5 6.7 -6.0 0.4 2.6 1.1 4.1
Unit Labor Costs 0.8 0.3 1.2 -6.6 -2.4 0.1 -5.0 4.0
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