Global| Aug 16 2013U.S. Worker Productivity Gains Moderately in Q2 but Remains Unchanged Y/Y
by:Tom Moeller
|in:Economy in Brief
Summary
Nonfarm business sector productivity growth during Q2'13 improved 0.9% (SAAR) after two quarters of 1.7% decline. (Figures back through 2011 were revised.) Over the past year, worker productivity has been unchanged. This result [...]
Nonfarm business sector productivity growth during Q2'13 improved 0.9% (SAAR) after two quarters of 1.7% decline. (Figures back through 2011 were revised.) Over the past year, worker productivity has been unchanged. This result reflects a diminished 1.8% y/y gain in output and a roughly stable 1.8% y/y rise in hours worked. Compensation rose 2.3% last quarter (1.6% y/y). Adjusted for price inflation, compensation also rose 2.3% in Q2 but was roughly unchanged y/y. Unit labor costs rose 1.4% (1.6% y/y).
In the factory sector, worker productivity continued to grow at a 2.7% rate (2.2% y/y). Output rose 2.2% y/y while hours worked slipped marginally y/y. Worker compensation firmed at a 4.2% rate (1.7% y/y). Adjusted for price inflation, compensation rose at a 4.3% rate but it was nearly unchanged y/y. Unit labor costs increased at a 1.4% rate in Q2 but that didn't make up the Q1 decline. Unit labor costs slipped 0.4% y/y.
The productivity & cost figures are available in Haver's USECON database.
| Productivity & Costs (SAAR,%) | Q2'13 | Q1'13 | Q4'12 | Q2 Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Nonfarm Business Sector | |||||||
| Output per Hour (Productivity) | 0.9 | -1.7 | -1.7 | 0.0 | 1.5 | 0.5 | 3.2 |
| Compensation per Hour | 2.3 | -5.9 | 9.9 | 1.6 | 2.6 | 2.5 | 2.1 |
| Unit Labor Costs | 1.4 | -4.2 | 11.8 | 1.6 | 1.2 | 2.0 | -1.2 |
| Manufacturing Sector | |||||||
| Output per Hour | 2.7 | 3.9 | 2.3 | 2.2 | 1.8 | 1.0 | 6.3 |
| Compensation per Hour | 4.2 | 0.6 | 4.1 | 1.7 | 1.9 | 1.3 | 2.4 |
| Unit Labor Costs | 1.4 | -3.2 | 1.8 | -0.4 | 0.1 | 0.4 | -3.7 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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