Thursday, February 05, 2015Tweet
[IWS] BLS: PRODUCTIVITY AND COSTS Fourth Quarter and Annual Averages 2014, Preliminary [5 February 2015]
IWS Documented News Service
Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor--------------------Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
This service is supported, in part, by donations. Please consider making a donation by following the instructions at http://www.ilr.cornell.edu/iws/news-bureau/support.html
PRODUCTIVITY AND COSTS Fourth Quarter and Annual Averages 2014, Preliminary [5 February 2015]
[full-text, 12 pages]
Supplemental Files Table of Contents
Nonfarm business sector labor productivity decreased at a 1.8 percent annual
rate during the fourth quarter of 2014, the U.S. Bureau of Labor Statistics
reported today, as output increased 3.2 percent and hours worked increased
5.1 percent. (All quarterly percent changes in this release are seasonally
adjusted annual rates.) The increase in hours worked is the largest increase
in this series since a gain of 5.7 percent in the fourth quarter of 1998.
From the fourth quarter of 2013 to the fourth quarter of 2014, productivity
was unchanged as output and hours worked both increased 3.1 percent. (See
table A.) Annual average productivity increased 0.8 percent from 2013 to
2014. (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 the nonfarm business sector increased 2.7 percent in the
fourth quarter of 2014, reflecting a 0.9 percent increase in hourly
compensation and a 1.8 percent decline in productivity. Unit labor costs
increased 1.9 percent over the last four quarters. (See tables A and 2.)
BLS calculates 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 1.3 percent in the fourth quarter
of 2014, as output increased 5.7 percent and hours worked increased 4.3
percent. Productivity increased 1.5 percent in the durable manufacturing
sector and increased 0.2 percent in the nondurable manufacturing sector.
(See tables A, 3, 4, and 5.) Over the last four quarters, manufacturing
productivity increased 2.8 percent, as output increased 4.8 percent and hours
increased 1.9 percent. Unit labor costs in manufacturing increased 0.2
percent in the fourth quarter of 2014 and decreased 0.4 percent from the
same quarter a year ago. (See tables A and 3.)
AND MUCH MORE...including TABLES....
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Links to this post: