Thursday, February 06, 2014
Tweet[IWS] BLS: PRODUCTIVITY AND COSTS Fourth Quarter and Annual Averages 2013, Preliminary [6 February 2014]
IWS Documented News Service
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Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
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PRODUCTIVITY AND COSTS Fourth Quarter and Annual Averages 2013, Preliminary [6 February 2014]
http://www.bls.gov/news.release/prod2.nr0.htm
or
http://www.bls.gov/news.release/pdf/prod2.pdf
[full-text, 12 pages]
and
Supplemental Files Table of Contents
http://www.bls.gov/web/prod2.supp.toc.htm
Nonfarm business sector labor productivity increased at a 3.2 percent
annual rate during the fourth quarter of 2013, the U.S. Bureau of
Labor Statistics reported today. The increase in productivity
reflects increases of 4.9 percent in output and 1.7 percent in hours
worked. (All quarterly percent changes in this release are seasonally
adjusted annual rates.) From the fourth quarter of 2012 to the fourth
quarter of 2013, productivity increased 1.7 percent as output and
hours worked rose 3.3 percent and 1.6 percent, respectively. (See
table A.) Annual average productivity increased 0.6 percent from 2012
to 2013. (See table C.)
Labor productivity, or output per hour, is calculated by dividing an
index of real output by an index of hours worked of all persons,
including employees, proprietors, and unpaid family workers.
Unit labor costs in nonfarm businesses decreased 1.6 percent in the
fourth quarter of 2013, as the 3.2 percent increase in productivity
was larger than a 1.5 percent increase in hourly compensation. Unit
labor costs fell 1.3 percent over the last four quarters. (See table
A.)
BLS defines 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
them.
Manufacturing sector productivity increased 2.0 percent in the fourth
quarter of 2013, as output and hours worked increased 6.6 percent and
4.4 percent, respectively. Productivity increased 3.4 percent in the
durable goods sector and increased 1.0 percent in the nondurable
goods sector. Over the last four quarters, manufacturing productivity
increased 2.1 percent, as output increased 3.3 percent and hours
increased 1.2 percent. Unit labor costs in manufacturing fell 1.0
percent in the fourth quarter of 2013 and declined 0.9 percent from
the same quarter a year ago. (See tables A and 3.) Nonfinancial
corporate sector productivity decreased 0.5 percent in the third
quarter of 2013. (See table D.)
AND MUCH MORE...including TABLES....
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