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Economic News Release
PRINT:Print

Productivity and Costs News Release



Transmission of material in this release is embargoed until                                 USDL 24-0450
8:30 a.m. (ET) Thursday, March 7, 2024

Technical information: (202) 691-5606 • Productivity@bls.gov • www.bls.gov/productivity
Media contact:         (202) 691-5902 • PressOffice@bls.gov     

                                     PRODUCTIVITY AND COSTS
                       Fourth Quarter and Annual Averages 2023, Revised

Nonfarm business sector labor productivity increased 3.2 percent in the fourth quarter of 2023, the 
U.S. Bureau of Labor Statistics reported today, as output increased 3.5 percent and hours worked 
increased 0.3 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) 
From the same quarter a year ago, nonfarm business sector labor productivity increased 2.6 percent. (See 
table A1.) Annual average productivity increased 1.3 percent from 2022 to 2023. (See table C1.) 

Unit labor costs in the nonfarm business sector increased 0.4 percent in the fourth quarter of 2023, 
reflecting a 3.6-percent increase in hourly compensation and a 3.2-percent increase in productivity. Unit 
labor costs increased 2.5 percent over the last four quarters. (See tables A1 and 2.) 

=========================================================================================================================
                Historical Revisions to Productivity and Costs Data and Method Change
                
Data in this release incorporate the annual benchmark revision of BLS Current Employment Statistics 
program data on employment and hours of employees on nonfarm payrolls. Data also include revisions 
to employment and hours of all other business sector workers that reflect updated seasonal adjustment of 
those data by the BLS Major Sector Productivity program. Additionally, data reflect an improved estimation
method for hours worked by self-employed and unpaid family workers. See Revised measures section.
=========================================================================================================================

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. 
Real hourly compensation, which takes into account consumer prices, increased 0.8 percent in the fourth 
quarter of 2023, and increased 1.8 percent over the last four quarters.

Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of 
hours worked by all workers, including employees, proprietors, and unpaid family workers. 

Manufacturing sector labor productivity increased 1.3 percent in the fourth quarter of 2023, as output 
decreased 2.0 percent and hours worked decreased 3.3 percent. The 3.3-percent decrease in hours 
worked is the largest decline since the historic decline in the second quarter of 2020. In the durable 
manufacturing sector, productivity decreased 1.0 percent, reflecting a 4.0-percent decrease in output and 
a 3.0-percent decrease in hours worked. Nondurable manufacturing sector productivity increased 3.8 
percent as hours worked decreased 3.6 percent; output was unchanged from the previous quarter. Total 
manufacturing sector productivity increased 0.5 percent from the same quarter a year ago. (See tables 
A1, 3, 4, and 5.)

Unit labor costs in the total manufacturing sector increased 5.3 percent in the fourth quarter of 2023, 
reflecting a 6.7-percent increase in hourly compensation and a 1.3-percent increase in productivity. 
Manufacturing unit labor costs increased 6.1 percent from the same quarter a year ago, reflecting an 
increase of 0.5 percent in labor productivity and an increase of 6.6 percent in hourly compensation. Real 
hourly compensation increased 3.3 percent from the same quarter a year ago. The four-quarter increases 
to hourly compensation and real hourly compensation are the largest since the third and fourth quarters 
of 2020, respectively. (See tables A1 and 3.)

The concepts, sources, and methods used for the manufacturing output series differ from those used in 
the business and nonfarm business output series; these output measures are not directly comparable. See 
the Technical Notes for a more detailed explanation. 

Revised measures        

Beginning with this news release, estimates of hours worked by self-employed workers and unpaid 
family workers reflect a method change to reduce volatility of the estimates. This method change 
removes statistically insignificant variability during seasonal adjustment of the Current Population 
Survey (CPS) source data. In addition, volatility associated with respondent turnover is reduced by 
adjusting respondent weights. These two adjustments by the BLS productivity program will dampen 
noise in the series without losing important information about cyclical changes in hours worked by self-
employed and unpaid family workers. A more detailed discussion of the changes is available in the 
Monthly Labor Review at www.bls.gov/opub/mlr/2023/article/an-improved-estimate-of-self-
employment-hours.htm.

Third quarter, fourth quarter, and annual average data for 2023 were revised to incorporate regular 
updates of source data on output and compensation published by the Department of Commerce on 
February 28, 2024. Quarterly measures of real hourly compensation in 2023 were revised to reflect 
updates to seasonally adjusted data from the BLS Consumer Price Index program released on February 
13, 2024. 

Quarterly and annual measures of hours worked, productivity, and related series were revised 
historically for all major sectors. From 2018 to 2023, the revisions reflect incorporation of revised BLS 
Current Employment Statistics (CES) program data for employment and hours of employees on nonfarm 
payrolls. Revisions to employment and hours worked from 2000 to 2023 reflect the productivity 
program method improvement to hours worked by self-employed and unpaid family workers as well as 
revised seasonal adjustment of hours worked by nonfarm self-employed and unpaid family workers, all 
farm workers, and employees of government enterprises. These measures, based on source data from the 
BLS Current Population Survey (CPS), are seasonally adjusted by the BLS Major Sector Productivity 
program. Because hours worked were revised for the index base year of 2017, all measures 
incorporating hours worked--including productivity--were subject to revision back to 1947. 

Revised and previous measures for the fourth quarter of 2023 are shown in table B1 for the business, 
nonfarm business, and manufacturing sectors. In the fourth quarter of 2023, nonfarm business 
productivity was not revised and increased 3.2 percent as reported last release. Output was revised down 
0.2 percentage point to an increase of 3.5 percent, and hours worked were revised down 0.1 percentage 
point to an increase of 0.3 percent. Unit labor costs increased 0.4 percent rather than increasing 0.5 
percent as previously reported, reflecting a 0.1-percentage point downward revision to hourly 
compensation.

Manufacturing productivity increased 1.3 percent in the fourth quarter of 2023 rather than increasing 2.3 
percent as reported last release. This reflects a 0.4-percentage point upward revision to output and a 1.3-
percentage point upward revision to hours worked. A 0.1-percentage point upward revision to hourly 
compensation and the 1.0-percentage point downward revision to productivity produced a 1.1-
percentage point upward revision to unit labor costs, which increased 5.3 percent rather than 4.2 percent 
as previously reported. Productivity was revised down by 2.4 percentage points in the durable 
manufacturing sector and up by 1.3 percentage points in the nondurable manufacturing sector. (See table 
B1.)

In the third quarter of 2023, nonfarm business productivity was revised down to an increase of 4.7 
percent due to a 0.1-percentage point upward revision to hours worked; output was not revised. Unit 
labor costs increased 0.1 percent rather than decreasing 1.1 percent as previously reported, reflecting a 
1.0-percentage point upward revision to hourly compensation and the 0.2-percentage point downward 
revision to productivity. Total manufacturing sector productivity was revised down by 0.4 percentage 
point as durable manufacturing productivity was revised down by 0.9 percentage point and nondurable 
manufacturing productivity was revised up by 0.1 percentage point. In the total manufacturing sector, 
unit labor costs were revised up by 2.7 percentage points to an increase of 9.0 percent, reflecting a 5.3-
percentage point upward revision to durable manufacturing unit labor costs and a 2.0-percentage point 
downward revision to nondurable manufacturing unit labor costs. (See table B2.) 

Nonfinancial corporate sector productivity increased 3.2 percent in the third quarter of 2023 rather 
than increasing 2.5 percent as previously reported, primarily reflecting a 0.6-percentage point upward 
revision to output. Unit labor costs were revised up by 0.4 percentage point to an increase of 1.6 percent.  
(See table A2.)

Annual averages

Table C1 presents annual average changes for the most recent 5 years for the nonfarm business sector 
and the total manufacturing sector. Nonfarm business sector productivity increased 1.3 percent in 
2023, as output increased 2.6 percent and hours worked increased 1.3 percent. This is a 0.1-percentage 
point upward revision from the preliminary estimate of labor productivity growth. 

Unit labor costs in the nonfarm business sector were revised up 0.1 percentage point to an increase of 
3.0 percent in 2023, reflecting an increase of 4.3 percent in hourly compensation and an increase of 1.3 
percent in productivity. Real hourly compensation, which takes into account changes in consumer 
prices, increased 0.1 percent in 2023. This is the first time since 2020 that annual real hourly 
compensation in the nonfarm business sector has increased. 

In the manufacturing sector, productivity decreased 0.8 percent in 2023, reflecting a decrease in output 
of 0.6 percent and an increase in hours worked of 0.2 percent.

Manufacturing unit labor costs increased 5.9 percent in 2023, as hourly compensation increased 5.1 
percent while productivity decreased 0.8 percent. This is a 0.4-percentage point upward revision to 
manufacturing unit labor costs. Manufacturing real hourly compensation increased 0.9 percent.

Quarterly and annual data for all sectors from 2021 forward appear in tables 1-6. Full historical 
measures can be found on the Productivity and Costs home page: www.bls.gov/productivity/tables/.
______________
The preliminary Productivity and Costs news release for first-quarter 2024 is scheduled to be 
released on Thursday, May 2, 2024, at 8:30 a.m. (ET). 




=========================================================================================================================
Table A1. Labor productivity growth and related measures - revised fourth-quarter 2023
(percent change from previous quarter at annual rate and from same quarter a year ago)


                                                Labor                   Hours    Hourly         Real hourly    Unit labor
Sector                  Percent change from:    productivity   Output   worked   compensation   compensation   costs
-------------------------------------------------------------------------------------------------------------------------
Nonfarm business        Previous quarter            3.2          3.5      0.3        3.6            0.8           0.4
                        A year ago                  2.6          3.2      0.6        5.1            1.8           2.5
                        
Business                Previous quarter            3.3          3.5      0.2        3.7            1.0           0.4
                        A year ago                  2.6          3.3      0.7        5.1            1.7           2.4
                        
Manufacturing           Previous quarter            1.3         -2.0     -3.3        6.7            3.9           5.3
                        A Year ago                  0.5         -0.5     -1.0        6.6            3.3           6.1

 Durable                Previous quarter           -1.0         -4.0     -3.0        9.5            6.6          10.6
 manufacturing          A year ago                 -0.4         -0.3      0.1        7.7            4.3           8.1

 Nondurable             Previous quarter            3.8          0.0     -3.6        1.2           -1.5          -2.5
 manufacturing          A year ago                  2.2         -0.7     -2.8        4.3            1.0           2.1
=========================================================================================================================


=========================================================================================================================
Table A2. Labor productivity growth and related measures - revised and previously published third-quarter 2023
(percent change from previous quarter at annual rate)


                                                Labor                   Hours    Hourly         Real hourly    Unit labor
Sector                                          productivity   Output   worked   compensation   compensation   costs
-------------------------------------------------------------------------------------------------------------------------       
Nonfinancial             Revised                    3.2          3.9      0.7         4.9           1.4           1.6
corporate          Previously published             2.5          3.3      0.8         3.7           0.1           1.2
=========================================================================================================================


=========================================================================================================================
Table B1. Labor productivity growth and related measures - revised and previously published fourth-quarter 2023
(percent change from previous quarter at annual rate)


                                                Labor                   Hours    Hourly         Real hourly    Unit labor
Sector                                          productivity   Output   worked   compensation   compensation   costs
-------------------------------------------------------------------------------------------------------------------------
Nonfarm business        Revised                     3.2          3.5      0.3         3.6           0.8           0.4
                   Previously published             3.2          3.7      0.4         3.7           0.9           0.5
                        
Business                Revised                     3.3          3.5      0.2         3.7           1.0           0.4
                   Previously published             3.3          3.5      0.2         4.0           1.2           0.6
                                                                                              
Manufacturing           Revised                     1.3         -2.0     -3.3         6.7           3.9           5.3
                   Previously published             2.3         -2.4     -4.6         6.6           3.8           4.2

 Durable                Revised                    -1.0         -4.0     -3.0         9.5           6.6          10.6
 manufacturing     Previously published             1.4         -4.4     -5.7         9.0           6.0           7.4
                        
 Nondurable             Revised                     3.8          0.0     -3.6         1.2          -1.5          -2.5
 manufacturing     Previously published             2.5         -0.3     -2.7         2.5          -0.2           0.0
=========================================================================================================================


=========================================================================================================================
Table B2. Labor productivity growth and related measures - revised and previously published third-quarter 2023
(percent change from previous quarter at annual rate)


                                                Labor                   Hours    Hourly         Real hourly    Unit labor
Sector                                          productivity   Output   worked   compensation   compensation   costs
-------------------------------------------------------------------------------------------------------------------------
Nonfarm Business        Revised                     4.7          5.8      1.0         4.8           1.3           0.1
                   Previously published             4.9          5.8      0.9         3.8           0.2          -1.1
                        
Business                Revised                     4.6          5.6      1.0         4.7           1.3           0.2
                   Previously published             4.8          5.6      0.7         3.9           0.3          -0.9
                        
Manufacturing           Revised                    -1.2         -0.7      0.5         7.7           4.1           9.0
                   Previously published            -0.8         -0.3      0.5         5.5           1.8           6.3

 Durable                Revised                    -2.9          0.8      3.8         7.7           4.1          10.9
 manufacturing     Previously published            -2.0          1.4      3.4         3.5          -0.1           5.6
                        
 Nondurable             Revised                     2.7         -2.2     -4.8         6.8           3.3           4.0
 manufacturing     Previously published             2.6         -1.9     -4.4         8.7           5.0           6.0
=========================================================================================================================


=========================================================================================================================
Table C1. Labor productivity growth and related measures - annual average changes: 2019-2023


                                                Labor                   Hours    Hourly         Real hourly    Unit labor
Sector                  Year                    productivity   Output   worked   compensation   compensation   costs
-------------------------------------------------------------------------------------------------------------------------
Nonfarm business        2023                        1.3          2.6      1.3         4.3           0.1           3.0
                        2022                       -1.9          2.1      4.1         3.6          -4.1           5.7
                        2021                        1.4          7.2      5.8         4.6          -0.3           3.1
                        2020                        5.7         -2.8     -8.0         8.6           7.2           2.8
                        2019                        2.5          3.0      0.4         4.3           2.4           1.7
                        
Manufacturing           2023                       -0.8         -0.6      0.2         5.1           0.9           5.9
                        2022                       -1.2          2.8      4.0         3.6          -4.2           4.8
                        2021                        1.5          4.9      3.3         2.2          -2.5           0.6
                        2020                        0.8         -6.9     -7.7         7.0           5.6           6.2
                        2019                       -2.0         -2.0      0.0         2.6           0.8           4.8
=========================================================================================================================



					TECHNICAL NOTES


Labor Hours

Hours worked data for the labor productivity and cost measures include hours worked for all 
persons working in the sector—wage and salary workers, the self-employed and unpaid family 
workers. The primary source of hours and employment data is the BLS Current Employment 
Statistics (CES) program, which provides monthly survey data on the number of jobs held by and 
hours paid to wage and salary workers in nonfarm establishments, counting a person who is 
employed by two or more establishments at each place of employment. As of the February 3, 
2023 Employment Situation release, the CES program has updated the national nonfarm payroll 
series to the 2022 North American Industry Classification System (NAICS). The BLS Major 
Sector Productivity program will be remaining on a NAICS 2017 basis for the time being by 
converting NAICS 2022 data from CES back to a NAICS 2017 basis using ratios published on 
the CES website and based on the Quarterly Census of Employment and Wages (QCEW). Hours 
of paid time off are removed from hours paid using data from the National Compensation Survey 
(NCS) for 1996 forward and data from the BLS Hours at Work survey, conducted for this 
purpose, prior to 1990. Between 1990 and 1995, hours of paid time off are removed using a 
combination of NCS and Hours at Work survey data. Off-the-clock hours are added, yielding 
hours worked, using data from the Current Population Survey (CPS). 

Data from the CPS are used to estimate hours worked for farm labor, nonfarm proprietors, and 
nonfarm unpaid family workers. Using CPS information on employment and hours worked at 
primary jobs and all other jobs, separately, the BLS productivity measures assign all hours 
worked to the appropriate industrial sector. Hours for government enterprises are derived from 
the CPS, the CES, and the National Income and Product Accounts (NIPA) prepared by the 
Bureau of Economic Analysis (BEA) of the Department of Commerce. 

Detailed hours data are presented in the table “Hours Worked in Total U.S. Economy and 
Subsectors” on the BLS website (www.bls.gov/productivity/tables/total-economy-hours-
employment.xlsx).

Output

Business sector output is a chain-type, current-weighted index constructed after excluding from 
gross domestic product (GDP) the following outputs: general government, nonprofit institutions, 
and households (including owner-occupied housing). Corresponding exclusions also are made in 
labor hours worked. Business output accounted for about 77 percent of the value of GDP in 
2023. Nonfarm business, which excludes farming, accounted for about 76 percent of GDP in 
2023.

Annual indexes for manufacturing and its durable and nondurable goods components are 
constructed by deflating current-dollar industry value of production data from the U.S. Bureau of 
the Census with deflators from the BLS. These deflators are based on data from the BLS 
Producer Price Index program and other sources. The industry shipments are aggregated using 
annual weights, and intrasectoral transactions are removed. Quarterly manufacturing output 
measures are based on the indexes of industrial production prepared monthly by the Board of 
Governors of the Federal Reserve System, adjusted to be consistent with annual indexes of 
manufacturing sector output prepared by BLS. 

Nonfinancial corporate output is a chain-type, current-weighted index calculated on the basis of 
the costs incurred and the incomes earned from production. The output measure excludes the 
following outputs from GDP: general government; nonprofit institutions; households; 
unincorporated business; and those corporations classified as offices of bank holding companies, 
offices of other holding companies, or offices in the finance and insurance sector. Nonfinancial 
corporations accounted for about 52 percent of the value of GDP in 2022.


Labor Productivity

The measure describes the relationship between real output and the labor time involved in its 
production. Measures of labor productivity growth show the changes from period to period in the 
amount of goods and services produced per hour worked. They reflect the joint effects of many 
influences, including changes in technology; capital investment; level of output; utilization of 
capacity, energy, and materials; the organization of production; managerial skill; and the 
characteristics and effort of the work force.

Labor Compensation

The measure includes accrued wages and salaries, supplements, employer contributions to 
employee benefit plans, and taxes. Estimates of labor compensation by major sector, required for 
measures of hourly compensation and unit labor costs, are based primarily on employee 
compensation data from the NIPA, prepared by the BEA. The compensation of employees in 
general government, nonprofit institutions and households are subtracted from compensation of 
employees in domestic industries to derive employee compensation for the business sector. The 
labor compensation of proprietors cannot be explicitly identified and must be estimated. This is 
done by assuming that proprietors have the same hourly compensation as employees in the same 
sector. The quarterly labor productivity and cost measures do not contain estimates of 
compensation for unpaid family workers.  
      
Unit Labor Costs

These measures describe the relationship between compensation per hour and labor productivity, 
or real output per hour, and can be used as an indicator of inflationary pressure on producers. 
Increases in hourly compensation increase unit labor costs; labor productivity increases offset 
compensation increases and lower unit labor costs. 

Presentation of the data

The quarterly data in this release are presented in three ways: as percent changes from the 
previous quarter presented at a compound annual rate, as percent changes from the 
corresponding quarter of the previous year, and as index number series where 2017=100. Annual 
data are presented both as index number series and percent changes from the previous year.  

The index numbers and rates of change reported in the productivity and costs news release are 
rounded to one decimal place. All percent changes in this release and on the BLS web site are 
calculated using index numbers to three decimal places. A complete historical series of these 
index numbers are available at the BLS productivity web site, 
https://www.bls.gov/productivity/data.htm, or by contacting the BLS Division of Major Sector 
Productivity (Telephone 202-691-5606 or email productivity@bls.gov).

For a more detailed explanation of methods see the Handbook of Methods at 
www.bls.gov/opub/hom/msp/home.htm.

If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access 
telecommunications relay services.






Table 1. Business sector: Labor productivity, hourly compensation, unit labor costs, and prices,
seasonally adjusted.
                                                                                           Value-
                                                          Real                             added
                                               Hourly     hourly                Unit       output
Year          Labor                            compen-    compen-     Unit      nonlabor   price
and           produc-               Hours      sation     sation      labor     payments   deflator
quarter       tivity     Output     worked     (1)        (2)         costs     (3)        (4)
---------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate (5)

2023 ANNUAL    1.4 r       2.6        1.2 r      4.3 r      0.2 r      2.9        3.6        3.2  

2023 IV        3.3         3.5        0.2        3.7 r      1.0 r      0.4 r      1.6 r      0.9 r
     III       4.6 r       5.6        1.0 r      4.7 r      1.3 r      0.2 r      6.3 r      2.8  
     II        2.9 r       2.0       -0.9 r      5.3 r      2.2 r      2.3 r     -0.6        1.1  
     I        -0.4 r       2.1        2.5 r      6.4 r      2.5 r      6.8 r     -0.9 r      3.3  

2022 ANNUAL   -1.9 r       1.9        3.9 r      3.8       -4.0        5.8 r     10.4 r      7.8  

2022 IV        2.5 r       2.9        0.4 r      0.5 r     -3.6 r     -2.0       10.9        3.5  
     III       0.0 r       2.7        2.8 r      7.0 r      1.3        7.0 r      0.3 r      4.0  
     II       -3.9 r      -1.3        2.7 r      0.9 r     -8.1 r      4.9 r     17.9 r     10.5  
     I        -6.0 r      -3.0        3.2 r      2.0 r     -6.7 r      8.5 r     11.0 r      9.6  

2021 ANNUAL    1.5 r       7.2        5.6 r      4.7 r     -0.2 r      3.1        7.9        5.1  

2021 IV        2.6 r       8.8        6.0 r      6.2 r     -2.4        3.4 r     14.2 r      8.0  
     III      -2.2 r       3.3        5.6 r      5.8 r     -0.7 r      8.2 r      4.5 r      6.6  
     II        0.1 r       7.2        7.1 r      6.6 r     -1.3 r      6.5 r      8.3 r      7.3  
     I         2.5 r       6.7        4.1 r      0.4 r     -3.8 r     -2.1 r     19.6 r      6.6  
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2023 ANNUAL    1.4 r       2.6        1.2 r      4.3 r      0.2 r      2.9        3.6        3.2  

2023 IV        2.6 r       3.3        0.7 r      5.1 r      1.7 r      2.4 r      1.6        2.0  
     III       2.4         3.1        0.7        4.2 r      0.6 r      1.8 r      3.8 r      2.7  
     II        1.2         2.4        1.2        4.8        0.6 r      3.5        2.3        3.0  
     I        -0.5         1.6        2.1 r      3.6 r     -2.1 r      4.1 r      6.8 r      5.3  

2022 ANNUAL   -1.9 r       1.9        3.9 r      3.8       -4.0        5.8 r     10.4 r      7.8  

2022 IV       -1.9 r       0.3        2.2 r      2.5 r     -4.3 r      4.5        9.8 r      6.9  
     III      -1.9 r       1.7        3.7 r      4.0 r     -4.0 r      6.0 r     10.6 r      8.0  
     II       -2.4         1.8        4.4 r      3.7       -4.5        6.3       11.8        8.6  
     I        -1.4 r       4.0        5.5 r      5.1       -2.8        6.7 r      9.4 r      7.8  

2021 ANNUAL    1.5 r       7.2        5.6 r      4.7 r     -0.2 r      3.1        7.9        5.1  

2021 IV        0.7 r       6.5        5.7 r      4.7 r     -2.1 r      3.9 r     11.5 r      7.1  
     III      -1.0 r       5.6        6.7 r      5.4 r      0.0 r      6.5 r      4.9        5.8  
     II        0.5 r      15.2       14.6 r      1.7 r     -3.1 r      1.2 r     11.2 r      5.3  
     I         5.9 r       2.5       -3.2 r      6.6 r      4.5 r      0.7 r      4.3 r      2.2  
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2023 ANNUAL  110.6 r     116.0 r    104.9 r    132.5 r    106.2 r    119.8 r    123.6 r    121.4 r

2023 IV      112.2 r     117.7 r    104.9 r    134.7 r    106.8 r    120.1 r    124.8 r    122.1 r
     III     111.3 r     116.7      104.9 r    133.5 r    106.5 r    119.9 r    124.3 r    121.9  
     II      110.0 r     115.1      104.6 r    131.9 r    106.2 r    119.9 r    122.5 r    121.0  
     I       109.3 r     114.6      104.8 r    130.2 r    105.6 r    119.2 r    122.6 r    120.7  

2022 ANNUAL  109.2 r     113.1      103.6 r    127.0 r    106.1 r    116.4 r    119.3 r    117.6  

2022 IV      109.4 r     114.0      104.2 r    128.2 r    105.0 r    117.2 r    122.9 r    119.7  
     III     108.7 r     113.2      104.1 r    128.1 r    105.9 r    117.8 r    119.8 r    118.7  
     II      108.7 r     112.4      103.4 r    125.9 r    105.6 r    115.9 r    119.7 r    117.5  
     I       109.8 r     112.8      102.7 r    125.7 r    107.8 r    114.5 r    114.8 r    114.6  

2021 ANNUAL  111.3 r     110.9       99.6 r    122.4 r    110.5 r    110.0 r    108.1 r    109.1  

2021 IV      111.5 r     113.6      101.9 r    125.0 r    109.7 r    112.1 r    111.9 r    112.0  
     III     110.8 r     111.3      100.4 r    123.2 r    110.4 r    111.2 r    108.2 r    109.9  
     II      111.4 r     110.4       99.1 r    121.4 r    110.6 r    109.0 r    107.1 r    108.2  
     I       111.4 r     108.5       97.4 r    119.5 r    110.9 r    107.3 r    105.0 r    106.3  
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                      March 7, 2024
r=revised                                                        Source: Bureau of Labor Statistics



Table 2. Nonfarm business sector: Labor productivity, hourly compensation, unit labor costs, and
prices, seasonally adjusted.
                                                                                           Value-
                                                          Real                             added
                                               Hourly     hourly                Unit       output
Year          Labor                            compen-    compen-     Unit      nonlabor   price
and           produc-               Hours      sation     sation      labor     payments   deflator
quarter       tivity     Output     worked     (1)        (2)         costs     (3)        (4)
---------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate (5)

2023 ANNUAL    1.3 r       2.6        1.3        4.3 r      0.1        3.0 r      4.0        3.4  

2023 IV        3.2         3.5 r      0.3 r      3.6 r      0.8 r      0.4 r      2.3 r      1.2 r
     III       4.7 r       5.8        1.0 r      4.8 r      1.3 r      0.1 r      6.8 r      3.0  
     II        3.1 r       2.0       -1.1 r      5.7 r      2.6 r      2.5 r      0.0 r      1.4  
     I        -0.6 r       1.8        2.4 r      6.5        2.5 r      7.1 r      0.0 r      3.9  

2022 ANNUAL   -1.9         2.1        4.1 r      3.6 r     -4.1        5.7 r     10.0 r      7.5  

2022 IV        2.1 r       2.8        0.7 r      0.1 r     -4.0 r     -2.0       11.0        3.5  
     III       0.0 r       2.8        2.9 r      7.0 r      1.4        7.1 r      0.1 r      3.9  
     II       -4.0 r      -1.1        3.0 r      0.5 r     -8.5 r      4.7 r     16.9 r      9.9  
     I        -5.5 r      -2.8        2.8 r      2.3 r     -6.4 r      8.3 r      9.9 r      9.0  

2021 ANNUAL    1.4 r       7.2        5.8 r      4.6 r     -0.3 r      3.1        7.1 r      4.8  

2021 IV        2.5 r       8.9        6.2 r      5.9 r     -2.6        3.4 r     15.5 r      8.4  
     III      -2.4         3.4        6.0 r      5.5 r     -1.1 r      8.1 r      4.3 r      6.4  
     II       -0.3 r       7.3        7.6 r      6.2 r     -1.6 r      6.5 r      6.1 r      6.3  
     I         2.3 r       6.5        4.1 r      0.4 r     -3.8 r     -1.9 r     19.1 r      6.5  
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2023 ANNUAL    1.3 r       2.6        1.3        4.3 r      0.1        3.0 r      4.0        3.4  

2023 IV        2.6 r       3.2 r      0.6        5.1 r      1.8        2.5 r      2.2        2.4 r
     III       2.3         3.1        0.7 r      4.2 r      0.6 r      1.9 r      4.3 r      2.9  
     II        1.2         2.4        1.2        4.8        0.6 r      3.6        2.7        3.2  
     I        -0.7 r       1.6        2.2        3.5 r     -2.2 r      4.1 r      6.8 r      5.3  

2022 ANNUAL   -1.9         2.1        4.1 r      3.6 r     -4.1        5.7 r     10.0 r      7.5  

2022 IV       -1.9 r       0.4        2.4 r      2.4 r     -4.4 r      4.4        9.3 r      6.5  
     III      -1.8 r       1.8        3.7 r      3.9       -4.1        5.8 r     10.4 r      7.8  
     II       -2.4         2.0        4.5        3.5       -4.7        6.1       11.5        8.4  
     I        -1.5 r       4.1        5.7 r      5.0 r     -3.0        6.5 r      8.8 r      7.5  

2021 ANNUAL    1.4 r       7.2        5.8 r      4.6 r     -0.3 r      3.1        7.1 r      4.8  

2021 IV        0.5 r       6.5        6.0 r      4.5       -2.3 r      3.9 r     11.0 r      6.9  
     III      -1.1 r       5.7        6.8 r      5.4 r      0.0 r      6.5        3.8 r      5.4  
     II        0.2 r      15.1       14.9 r      1.6 r     -3.2 r      1.3 r      9.9 r      4.8  
     I         5.9 r       2.4       -3.3 r      6.6        4.5        0.7 r      4.2 r      2.2  
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2023 ANNUAL  110.5 r     116.2 r    105.1 r    132.3 r    106.1 r    119.7 r    123.1 r    121.2 r

2023 IV      112.1 r     117.9 r    105.2 r    134.5 r    106.6 r    120.0 r    124.6 r    122.0 r
     III     111.2 r     116.9      105.1 r    133.3 r    106.4 r    119.9 r    123.9 r    121.6  
     II      109.9 r     115.3      104.9 r    131.8 r    106.1 r    119.9 r    121.9 r    120.8  
     I       109.1 r     114.7      105.1 r    130.0 r    105.4 r    119.1 r    121.9 r    120.3  

2022 ANNUAL  109.1 r     113.3      103.8 r    126.9 r    105.9 r    116.2 r    118.4 r    117.2  

2022 IV      109.3 r     114.2      104.5 r    127.9 r    104.7 r    117.1 r    121.9 r    119.2  
     III     108.7 r     113.4      104.3 r    127.9 r    105.8 r    117.7 r    118.8 r    118.2  
     II      108.7 r     112.6      103.6 r    125.8 r    105.4 r    115.7 r    118.7 r    117.0  
     I       109.8 r     112.9      102.8 r    125.6 r    107.8 r    114.4 r    114.2 r    114.3  

2021 ANNUAL  111.3 r     111.0       99.7 r    122.4 r    110.5 r    110.0 r    107.7 r    109.0  

2021 IV      111.4 r     113.7      102.1 r    124.9 r    109.6 r    112.1 r    111.5 r    111.9  
     III     110.7 r     111.4      100.6 r    123.1 r    110.3 r    111.2 r    107.6 r    109.6  
     II      111.4 r     110.4       99.1 r    121.5 r    110.6 r    109.1 r    106.5 r    107.9  
     I       111.5 r     108.5       97.3 r    119.7 r    111.1 r    107.4 r    104.9 r    106.3  
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                      March 7, 2024
r=revised                                                        Source: Bureau of Labor Statistics



Table 3. Manufacturing sector: Labor productivity, hourly compensation, and unit labor costs,
seasonally adjusted.
                                                                             Real
Year              Labor                                       Hourly         hourly          Unit
and               produc-                      Hours          compensa-      compensa-       labor
quarter           tivity        Output         worked         tion (1)       tion (2)        costs
---------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate (5)

2023 ANNUAL       -0.8           -0.6 r          0.2 r          5.1 r          0.9 r          5.9 r

2023 IV            1.3 r         -2.0 r         -3.3 r          6.7 r          3.9 r          5.3 r
     III          -1.2 r         -0.7 r          0.5            7.7 r          4.1 r          9.0 r
     II            3.6 r          1.1           -2.4 r          7.6 r          4.5 r          3.9 r
     I            -1.6 r         -0.4            1.2 r          4.6 r          0.7 r          6.3 r

2022 ANNUAL       -1.2 r          2.8            4.0 r          3.6 r         -4.2 r          4.8  

2022 IV           -2.8 r         -3.6           -0.9 r          1.1 r         -3.0 r          4.0 r
     III          -3.1 r          0.4            3.6 r          7.7            2.0           11.1 r
     II            0.8 r          3.0            2.2 r          2.2 r         -6.9 r          1.4 r
     I            -2.4 r          3.1            5.7 r          1.8 r         -6.9 r          4.3 r

2021 ANNUAL        1.5 r          4.9            3.3 r          2.2 r         -2.5 r          0.6  

2021 IV           -1.5 r          4.8            6.5 r          8.1 r         -0.6 r          9.8 r
     III          -1.5 r          3.3            4.8 r         -1.4 r         -7.6 r          0.0 r
     II            4.9 r          6.1            1.2 r          5.3 r         -2.5 r          0.4 r
     I            -1.1            0.2            1.3           -1.1 r         -5.2 r          0.0 r
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2023 ANNUAL       -0.8           -0.6 r          0.2 r          5.1 r          0.9 r          5.9 r

2023 IV            0.5 r         -0.5           -1.0 r          6.6 r          3.3 r          6.1 r
     III          -0.5 r         -0.9 r         -0.4 r          5.2 r          1.5 r          5.8 r
     II           -1.0 r         -0.7            0.3 r          5.2 r          1.0 r          6.3  
     I            -1.7 r         -0.2            1.5 r          3.9 r         -1.8 r          5.7 r

2022 ANNUAL       -1.2 r          2.8            4.0 r          3.6 r         -4.2 r          4.8  

2022 IV           -1.9            0.7            2.6 r          3.2 r         -3.7 r          5.2 r
     III          -1.6 r          2.8            4.5 r          4.9 r         -3.2            6.6  
     II           -1.2 r          3.6            4.8 r          2.6 r         -5.5 r          3.8 r
     I            -0.2 r          4.3            4.5 r          3.4 r         -4.4 r          3.6 r

2021 ANNUAL        1.5 r          4.9            3.3 r          2.2 r         -2.5 r          0.6  

2021 IV            0.1 r          3.6            3.4 r          2.6 r         -4.0            2.5 r
     III           0.2 r          4.2            4.0 r          2.4 r         -2.9 r          2.2  
     II            4.3 r         15.0           10.3 r         -1.1 r         -5.7 r         -5.1 r
     I             1.7 r         -1.9           -3.6 r          4.5 r          2.4 r          2.8 r
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2023 ANNUAL       98.4 r         99.7 r        101.3 r        125.0 r        100.2 r        127.0 r

2023 IV           98.7 r         99.3 r        100.6 r        128.3 r        101.7 r        129.9 r
     III          98.4 r         99.8 r        101.4 r        126.2 r        100.7 r        128.3 r
     II           98.7 r        100.0          101.3 r        123.9 r         99.7 r        125.5 r
     I            97.8 r         99.7          101.9 r        121.6 r         98.6 r        124.3 r

2022 ANNUAL       99.2 r        100.3          101.1 r        119.0 r         99.3 r        119.9 r

2022 IV           98.2 r         99.8          101.6 r        120.3 r         98.5 r        122.5 r
     III          98.9 r        100.8          101.9 r        120.0 r         99.2 r        121.3 r
     II           99.7 r        100.7          101.0 r        117.8 r         98.7 r        118.1 r
     I            99.5 r         99.9          100.4 r        117.1 r        100.5 r        117.7 r

2021 ANNUAL      100.4 r         97.5           97.2 r        114.9 r        103.7 r        114.4 r

2021 IV          100.1 r         99.2           99.0 r        116.6 r        102.3 r        116.4 r
     III         100.5 r         98.0           97.5 r        114.3 r        102.5 r        113.7 r
     II          100.9 r         97.2           96.4 r        114.7 r        104.5 r        113.7 r
     I            99.7 r         95.8           96.1 r        113.3 r        105.1 r        113.6 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                      March 7, 2024
r=revised                                                        Source: Bureau of Labor Statistics



Table 4. Durable manufacturing sector: Labor productivity, hourly compensation, and unit labor
costs, seasonally adjusted.
                                                                             Real
Year              Labor                                       Hourly         hourly          Unit
and               produc-                      Hours          compensa-      compensa-       labor
quarter           tivity        Output         worked         tion (1)       tion (2)        costs
---------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate (5)

2023 ANNUAL       -1.1 r          0.2            1.3 r          5.2 r          1.0 r          6.4 r

2023 IV           -1.0 r         -4.0 r         -3.0 r          9.5 r          6.6 r         10.6 r
     III          -2.9 r          0.8 r          3.8 r          7.7 r          4.1 r         10.9 r
     II            6.6 r          3.9           -2.5 r          7.8            4.6 r          1.1 r
     I            -3.8 r         -1.8            2.2 r          5.9 r          2.0 r         10.1 r

2022 ANNUAL       -1.1 r          3.6            4.7            2.5 r         -5.2            3.6 r

2022 IV           -2.7 r         -2.7            0.0 r         -0.8 r         -4.8 r          1.9 r
     III          -3.0 r          2.0            5.1 r          7.4 r          1.7 r         10.6 r
     II            2.1 r          5.4            3.2 r          2.7 r         -6.5 r          0.6 r
     I            -2.1 r          5.6            7.9 r         -0.8 r         -9.3 r          1.3 r

2021 ANNUAL        0.7            3.8            3.1            3.0 r         -1.7 r          2.3 r

2021 IV            0.3 r          5.3            5.0 r          9.4 r          0.6 r          9.1 r
     III          -2.1 r          2.7            4.9 r         -7.0 r        -12.8 r         -5.0 r
     II           -3.5 r         -2.9            0.5 r          8.3 r          0.3 r         12.1 r
     I            -3.6 r         -0.6            3.0 r          1.1 r         -3.1 r          4.8 r
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2023 ANNUAL       -1.1 r          0.2            1.3 r          5.2 r          1.0 r          6.4 r

2023 IV           -0.4 r         -0.3            0.1 r          7.7 r          4.3 r          8.1 r
     III          -0.8 r          0.0 r          0.8 r          5.1 r          1.4 r          5.9 r
     II           -0.8 r          0.3            1.2 r          5.0 r          0.8 r          5.9 r
     I            -1.9 r          0.7            2.6 r          3.7           -2.0            5.7 r

2022 ANNUAL       -1.1 r          3.6            4.7            2.5 r         -5.2            3.6 r

2022 IV           -1.4 r          2.5            4.0 r          2.1 r         -4.8 r          3.5 r
     III          -0.7 r          4.5            5.3            4.6           -3.5            5.3  
     II           -0.5 r          4.7            5.2 r          0.9 r         -7.1 r          1.4 r
     I            -1.8 r          2.6            4.5 r          2.2 r         -5.5 r          4.2  

2021 ANNUAL        0.7            3.8            3.1            3.0 r         -1.7 r          2.3 r

2021 IV           -2.2 r          1.1            3.3 r          2.7           -3.9            5.1 r
     III          -2.8 r          0.9            3.8            3.1 r         -2.2 r          6.1 r
     II            6.1 r         18.0           11.3 r          0.1 r         -4.6 r         -5.7 r
     I             2.5 r         -2.3           -4.7 r          5.8 r          3.7 r          3.2 r
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2023 ANNUAL       96.3 r         98.1 r        101.8 r        124.7 r        100.0 r        129.5 r

2023 IV           96.2 r         97.7 r        101.5 r        128.7 r        102.0 r        133.7 r
     III          96.5 r         98.7 r        102.3 r        125.8 r        100.4 r        130.4 r
     II           97.2 r         98.5          101.4 r        123.5 r         99.4 r        127.1 r
     I            95.6 r         97.6          102.0 r        121.2 r         98.3 r        126.7 r

2022 ANNUAL       97.4 r         97.9          100.5 r        118.6 r         99.0 r        121.7 r

2022 IV           96.6 r         98.0          101.5 r        119.5 r         97.8 r        123.7 r
     III          97.2 r         98.7          101.5 r        119.7 r         99.0 r        123.1 r
     II           98.0 r         98.2          100.2 r        117.6 r         98.6 r        120.0 r
     I            97.5 r         96.9           99.4 r        116.8 r        100.2 r        119.9 r

2021 ANNUAL       98.5 r         94.5           96.0 r        115.7 r        104.4 r        117.5 r

2021 IV           98.0 r         95.6           97.6 r        117.1 r        102.7 r        119.5 r
     III          97.9 r         94.4           96.4 r        114.4 r        102.5 r        116.9 r
     II           98.4 r         93.7           95.3 r        116.5 r        106.1 r        118.4 r
     I            99.3 r         94.4           95.1 r        114.2 r        106.0 r        115.1 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                      March 7, 2024
r=revised                                                        Source: Bureau of Labor Statistics



Table 5. Nondurable manufacturing sector: Labor productivity, hourly compensation, and unit labor
costs, seasonally adjusted.
                                                                             Real
Year              Labor                                       Hourly         hourly          Unit
and               produc-                      Hours          compensa-      compensa-       labor
quarter           tivity        Output         worked         tion (1)       tion (2)        costs
---------------------------------------------------------------------------------------------------
                      Percent change from previous quarter at annual rate (5)

2023 ANNUAL        0.2 r         -1.4 r         -1.6            4.6 r          0.4 r          4.3 r

2023 IV            3.8 r          0.0 r         -3.6 r          1.2 r         -1.5 r         -2.5 r
     III           2.7 r         -2.2 r         -4.8 r          6.8 r          3.3 r          4.0 r
     II            0.7 r         -1.7           -2.3 r          7.4 r          4.2 r          6.7 r
     I             1.5 r          0.9           -0.5 r          2.0 r         -1.8 r          0.5 r

2022 ANNUAL       -1.2 r          1.7            3.0 r          5.5 r         -2.4 r          6.8 r

2022 IV           -2.4 r         -4.6           -2.3 r          4.6 r          0.4 r          7.1  
     III          -2.4 r         -1.2            1.2 r          7.9 r          2.2 r         10.6 r
     II            0.1 r          0.6            0.5 r          1.2 r         -7.8 r          1.1 r
     I            -1.6 r          0.6            2.2 r          6.3 r         -2.7 r          8.0 r

2021 ANNUAL        0.8 r          4.5            3.6 r          0.7           -4.0 r         -0.2 r

2021 IV           -4.7 r          3.8            8.9 r          6.1 r         -2.4 r         11.4 r
     III          -2.0 r          2.6            4.8 r         10.1            3.3           12.4 r
     II           11.9 r         14.4            2.3 r          0.0 r         -7.4 r        -10.7 r
     I             0.2 r         -1.2           -1.4 r         -5.6 r         -9.5 r         -5.7 r
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2023 ANNUAL        0.2 r         -1.4 r         -1.6            4.6 r          0.4 r          4.3 r

2023 IV            2.2 r         -0.7           -2.8 r          4.3 r          1.0 r          2.1 r
     III           0.6 r         -1.9 r         -2.5 r          5.2 r          1.5 r          4.5 r
     II           -0.7 r         -1.7           -1.0 r          5.4 r          1.2 r          6.1 r
     I            -0.8 r         -1.1           -0.3 r          3.9 r         -1.8 r          4.7 r

2022 ANNUAL       -1.2 r          1.7            3.0 r          5.5 r         -2.4 r          6.8 r

2022 IV           -1.6 r         -1.2            0.4 r          5.0 r         -2.1 r          6.6 r
     III          -2.2 r          0.9            3.2 r          5.4 r         -2.8 r          7.7  
     II           -2.1 r          1.9            4.0 r          5.9           -2.5            8.1 r
     I             0.7 r          5.2            4.5 r          5.6 r         -2.4 r          4.9 r

2021 ANNUAL        0.8 r          4.5            3.6 r          0.7           -4.0 r         -0.2 r

2021 IV            1.1 r          4.7            3.6 r          2.5 r         -4.1 r          1.3  
     III           1.5 r          5.9            4.3 r          1.0 r         -4.2 r         -0.5 r
     II            1.4 r         10.3            8.8 r         -3.5 r         -8.0 r         -4.8 r
     I            -0.9 r         -2.5           -1.7 r          2.3 r          0.3 r          3.2 r
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2023 ANNUAL       99.7 r        100.2 r        100.4 r        125.4 r        100.5 r        125.7 r

2023 IV          100.8 r         99.8 r         99.0 r        127.2 r        100.8 r        126.2 r
     III          99.8 r         99.8 r         99.9 r        126.8 r        101.2 r        127.0 r
     II           99.2 r        100.3          101.2 r        124.7 r        100.4 r        125.8 r
     I            99.0 r        100.8          101.8 r        122.5 r         99.4 r        123.8 r

2022 ANNUAL       99.5 r        101.5          102.0 r        119.9 r        100.1 r        120.5 r

2022 IV           98.6 r        100.5          101.9 r        121.9 r         99.8 r        123.6 r
     III          99.2 r        101.7          102.5 r        120.6 r         99.7 r        121.5 r
     II           99.8 r        102.0          102.2 r        118.3 r         99.2 r        118.5 r
     I            99.8 r        101.9          102.1 r        118.0 r        101.2 r        118.2 r

2021 ANNUAL      100.8 r         99.9           99.1 r        113.6 r        102.6 r        112.8 r

2021 IV          100.2 r        101.7          101.5 r        116.2 r        101.9 r        115.9 r
     III         101.4 r        100.8           99.4 r        114.4 r        102.5 r        112.9 r
     II          101.9 r        100.1           98.2 r        111.7 r        101.7 r        109.6 r
     I            99.1 r         96.8           97.7 r        111.7 r        103.7 r        112.7 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                      March 7, 2024
r=revised                                                        Source: Bureau of Labor Statistics



Table 6. Nonfinancial corporate sector: Labor productivity, hourly compensation, unit labor costs,
unit profits, and prices, seasonally adjusted.
                                                                       Value-
                                                     Real              added              Unit
                                           Hourly    hourly            output    Unit     combined
Year         Labor                         compen-   compen-   Unit    price     nonlabor input   Unit
and          produc-             Hours     sation    sation    labor   deflator  costs    costs   profits
quarter      tivity    Output    worked    (1)       (2)       costs   (4)       (6)      (7)     (8)
---------------------------------------------------------------------------------------------------------
                         Percent change from previous quarter at annual rate (5)

2023 III       3.2 r     3.9 r    0.7 r     4.9 r     1.4 r     1.6 r    1.9     -3.8 r   -0.1 r   13.0 r
     II        1.7 r     1.2     -0.4 r     6.7 r     3.5 r     4.9      3.1     -2.4      2.6      6.0  
     I         1.5 r     4.3      2.7 r     6.6 r     2.6 r     5.0      0.0      2.3      4.1    -18.8  

2022 ANNUAL   -1.0       3.1      4.2       4.1      -3.7       5.2      7.5     11.8      7.2      9.1  

2022 IV       -0.6 r    -0.1      0.5 r     1.1 r    -3.0 r     1.7      1.1      2.2      1.8     -2.3  
     III       1.2 r     5.0      3.8 r     6.5 r     0.9 r     5.2      3.1      1.1      3.9     -0.6  
     II       -2.6 r     0.6      3.3 r     1.6 r    -7.4 r     4.3     11.2      9.1      5.8     42.8  
     I        -1.9 r     0.8      2.7 r     2.9 r    -5.9 r     4.9     10.4     22.8     10.2     11.7  

2021 ANNUAL    3.3 r     9.0      5.5 r     4.4 r    -0.4 r     1.0      4.8      3.8      1.8     23.3  

2021 IV       -2.5       5.2      8.0       4.1 r    -4.2       6.9      7.7     18.6     10.3     -4.7  
     III       2.5 r     7.0      4.4 r     8.5 r     1.8 r     5.9      3.6     15.2      8.6    -17.9  
     II       -0.3 r     6.4      6.7 r     6.0 r    -1.8 r     6.3      8.5    -12.0      0.4     59.6  
     I         4.3 r     7.7      3.3 r     0.4 r    -3.8 r    -3.8      5.7      5.6     -1.0     53.3  
---------------------------------------------------------------------------------------------------------
                       Percent change from corresponding quarter of previous year

2023 III       1.4 r     2.3 r    0.9       4.8 r     1.1 r     3.3 r    1.5     -0.5 r    2.1     -1.3 r
     II        0.9 r     2.6      1.6       5.2       1.0 r     4.2      1.8      0.7      3.1     -4.4  
     I        -0.1 r     2.4      2.6 r     3.9 r    -1.8 r     4.1      3.8      3.6      3.9      3.0  

2022 ANNUAL   -1.0       3.1      4.2       4.1      -3.7       5.2      7.5     11.8      7.2      9.1  

2022 IV       -1.0 r     1.6      2.6 r     3.0 r    -3.9 r     4.0      6.4      8.5      5.4     11.5  
     III      -1.5       2.9      4.4       3.8      -4.2       5.3      8.1     12.6      7.5     10.8  
     II       -1.2       3.4      4.6       4.3      -4.0       5.5      8.2     16.3      8.7      5.7  
     I        -0.6       4.8      5.4 r     5.4 r    -2.6       6.0      7.5     10.2      7.3      8.7  

2021 ANNUAL    3.3 r     9.0      5.5 r     4.4 r    -0.4 r     1.0      4.8      3.8      1.8     23.3  

2021 IV        1.0       6.6      5.6 r     4.7 r    -2.0       3.7      6.4      6.1      4.4     17.6  
     III       4.3 r    10.9      6.3 r     5.5 r     0.1 r     1.1      4.0     14.3      4.7      0.5  
     II        2.6 r    17.1     14.1 r     0.7 r    -4.0 r    -1.9      5.6      3.1     -0.5     48.8  
     I         5.8 r     2.4     -3.2       6.5       4.4       0.7      3.3     -5.6     -1.3     37.5  
---------------------------------------------------------------------------------------------------------
                                            Indexes 2017=100

2023 III     111.8 r   118.0 r  105.5 r   134.4 r   107.3 r   120.3 r  121.8 r  110.0 r  116.9 r  154.6 r
     II      110.9 r   116.9    105.4 r   132.8 r   106.9 r   119.8    121.2    111.1    117.0    150.0  
     I       110.4 r   116.5    105.5 r   130.7 r   106.0 r   118.4    120.3    111.8    116.2    147.8  

2022 ANNUAL  110.2 r   114.6    104.0 r   127.3 r   106.3 r   115.5    118.8    110.0    113.7    153.2  

2022 IV      110.0 r   115.3    104.8 r   128.6 r   105.3 r   116.9    120.3    111.2    115.0    155.7  
     III     110.2 r   115.3    104.7 r   128.3 r   106.1 r   116.4    120.0    110.6    114.5    156.6  
     II      109.9 r   113.9    103.7 r   126.3 r   105.9 r   115.0    119.0    110.3    113.4    156.9  
     I       110.6 r   113.7    102.9 r   125.8 r   107.9 r   113.8    115.9    107.9    111.8    143.5  

2021 ANNUAL  111.4 r   111.1     99.7 r   122.3 r   110.4 r   109.8    110.5     98.4    106.1    140.4  

2021 IV      111.1 r   113.5    102.2 r   124.9 r   109.6 r   112.4    113.1    102.5    109.2    139.6  
     III     111.8 r   112.1    100.2 r   123.6 r   110.8 r   110.5    111.0     98.2    106.5    141.3  
     II      111.1 r   110.2     99.2 r   121.1 r   110.3 r   109.0    110.0     94.8    104.3    148.4  
     I       111.2 r   108.5     97.6 r   119.4 r   110.8 r   107.3    107.8     97.9    104.2    132.0  
---------------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                            March 7, 2024
r=revised                                                              Source: Bureau of Labor Statistics



SOURCES: Output data are from the Bureau of Economic Analysis and the Census Bureau of the U.S. 
Department of Commerce; the Bureau of Labor Statistics, U.S. Department of Labor; and the Federal 
Reserve Board. Hours and compensation data are from the Bureau of Labor Statistics and the Bureau of 
Economic Analysis.

SIZE OF REVISIONS:  Productivity and cost measures are revised on a regular schedule as more 
complete data become available. The first estimate is published within 40 days of the close of the 
reference quarter, the second estimate approximately 30 days later, and the third estimate approximately 
60 days after the second estimate. Based on past revisions, the third estimate of nonfarm business sector 
quarterly labor productivity growth has differed from the first estimate by -1.1 to +1.3 percentage point 
about 80 percent of the time. This interval is based on estimates for reference quarters from the first 
quarter of 2001 to the third quarter of 2023. For more about revisions to labor productivity growth see 
“Revisions to BLS quarterly labor productivity estimates: How large are they?” at 
www.bls.gov/opub/mlr/2022/article/revisions-to-bls-quarterly-labor-productivity-estimates-how-large-
are-they.htm.

					Table Footnotes

(1) Wages and salaries of employees plus employers' contributions for social insurance and private 
benefit plans. Except for nonfinancial corporations, where there are no self-employed, data also include 
an estimate of wages, salaries, and supplemental payments for the self-employed.

(2) The change for recent quarters is based on the Consumer Price Index for all urban consumers 
(CPI-U). The trend from 1978-2022 is based on the Consumer Price Index Retroactive series (CPI-U-
RS).

(3) Unit nonlabor payments include profits, consumption of fixed capital, taxes on production and 
imports less subsidies, net interest and miscellaneous payments, business current transfer payments, 
rental income of persons, and the current surplus of government enterprises.

(4) Current dollar output divided by the output index.

(5) Quarterly changes: Percent change compounded at annual rate is calculated using index numbers to 
three decimal places. Indexes published in the news release are rounded to one decimal place for 
convenience. Annual changes: Percent change is calculated using annual indexes to three decimal 
places.

(6) Unit nonlabor costs include consumption of fixed capital, taxes on production and imports less 
subsidies, net interest and miscellaneous payments, and business current transfer payments.

(7) Total unit costs are the sum of unit labor and nonlabor costs.

(8) Unit profits include corporate profits before tax with inventory valuation and capital consumption 
adjustment.


Last Modified Date: March 07, 2024