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BLS Report: Productivity increases 2.3% in Q2 2021; unit labor costs increase 1.0% (annual rates)
Productivity increases 2.3% in Q2 2021; unit labor costs increase 1.0% (annual rates)Economic News Releas USDL 21-1466t
LPC LPC Program Links
Productivity and Costs, Second Quarter 2021, Preliminary
Transmission of material in this release is embargoed until 8:30 a.m. (ET) Tuesday, August 10, 2021
Technical information: (202) 691-5606 • Productivity@bls.gov • www.bls.gov/lpc
Media contact: (202) 691-5902 • PressOffice@bls.gov
PRODUCTIVITY AND COSTS
Second Quarter 2021, Preliminary
Nonfarm business sector labor productivity increased 2.3 percent in the second quarter of 2021, the U.S. Bureau of Labor Statistics reported today, as output increased 7.9 percent and hours worked increased 5.5 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the second quarter of 2020 to the second quarter of 2021, nonfarm business sector labor productivity increased 1.9 percent. (See table A1.)
Unit labor costs in the nonfarm business sector increased at an annual rate of 1.0 percent in the second quarter of 2021, the combined effect of a 3.3-percent increase in hourly compensation and a 2.3-percent increase in productivity. Unit labor costs increased 0.1 percent over the last four quarters, as hourly compensation increased 2.0 percent and productivity increased 1.9 percent. (See table A1.) 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 productivity tend to reduce them.
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Complete quarterly and annual data series can be found on the Productivity and Costs home page: www.bls.gov/lpc/#data.
______________
The revised Productivity and Costs news release for second-quarter 2021 is scheduled to be released on Thursday, September 2, 2021 at 8:30 a.m. (ET).
LPC LPC Program Links
Productivity and Costs, Second Quarter 2021, Preliminary
Transmission of material in this release is embargoed until 8:30 a.m. (ET) Tuesday, August 10, 2021
Technical information: (202) 691-5606 • Productivity@bls.gov • www.bls.gov/lpc
Media contact: (202) 691-5902 • PressOffice@bls.gov
PRODUCTIVITY AND COSTS
Second Quarter 2021, Preliminary
Nonfarm business sector labor productivity increased 2.3 percent in the second quarter of 2021, the U.S. Bureau of Labor Statistics reported today, as output increased 7.9 percent and hours worked increased 5.5 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the second quarter of 2020 to the second quarter of 2021, nonfarm business sector labor productivity increased 1.9 percent. (See table A1.)
Unit labor costs in the nonfarm business sector increased at an annual rate of 1.0 percent in the second quarter of 2021, the combined effect of a 3.3-percent increase in hourly compensation and a 2.3-percent increase in productivity. Unit labor costs increased 0.1 percent over the last four quarters, as hourly compensation increased 2.0 percent and productivity increased 1.9 percent. (See table A1.) 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 productivity tend to reduce them.
{snip}
Complete quarterly and annual data series can be found on the Productivity and Costs home page: www.bls.gov/lpc/#data.
______________
The revised Productivity and Costs news release for second-quarter 2021 is scheduled to be released on Thursday, September 2, 2021 at 8:30 a.m. (ET).
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Information from these releases will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200, Federal Relay Services: 1-800-877-8339.
