Unit labor costs in manufacturing, fourth quarter 2007

March 07, 2008

Unit labor costs in manufacturing increased at an annual rate of 2.1 percent (seasonally adjusted) in the fourth quarter of 2007, after falling 3.3 percent in the third quarter.

Percent change in unit labor costs, manufacturing, seasonally adjusted, 2006 I-2007 IV (percent change from previous quarter at annual rate)
[Chart data—TXT]

Unit labor costs—the cost of the labor input required to produce one unit of output—are computed by dividing labor costs in nominal terms by real output.

Unit labor costs can also be expressed as the ratio of hourly compensation to labor productivity. Manufacturing hourly compensation grew at a 4.4 percent annual rate during the fourth quarter of 2007 and productivity increased 2.3 percent.

These data are from the BLS Productivity and Costs program. Data in this report are seasonally adjusted annual rates. These estimates are subject to revision. Additional information is available in "Productivity and Costs, Fourth Quarter and Annual Averages, 2007 Revised" (PDF) (HTML), news release USDL 08-0293.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Unit labor costs in manufacturing, fourth quarter 2007 on the Internet at http://www.bls.gov/opub/ted/2008/mar/wk1/art05.htm (visited July 28, 2016).

OF INTEREST

Recent editions of Spotlight on Statistics

  • A look at healthcare spending, employment, pay, benefits, and prices
    As one of the largest U.S. industries, healthcare is steadily growing to meet the needs of an increasing population with an increasing life expectancy. This Spotlight looks at how much people spend on healthcare, current and projected employment in the industry, employer-provided healthcare benefits, healthcare prices, and pay for workers in healthcare occupations.

  • Employment and Wages in Healthcare Occupations
    Healthcare occupations are a significant percentage of U.S. employment. Some of the largest and highest paying occupations are in healthcare. This Spotlight examines employment and wages for healthcare occupations.

  • Fifty years of looking at changes in peoples lives
    Longitudinal surveys help us understand long-term changes, such as how events that happened when a person was in high school affect labor market success as an adult.