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Economic News Release
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Table 2. Nonfarm business sector: Labor productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted



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
Last Modified Date: March 07, 2024