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
(NOTE: This release was reissued on April 26, 2024, to provide notice of errors that affect quarterly and
annual hours worked data and all labor-related measures, including labor productivity, from first quarter
2019 through fourth quarter 2023 in all sectors. Estimates in this news release will not be corrected. The
corrected data will be published in the database and reflected in the upcoming Productivity and Costs (P)
First Quarter 2024 release on May 2, 2024. See this table for more information on the corrections:
www.bls.gov/productivity/notices/2024/corrected-hours-worked-and-labor-productivity-for-labor-
productivity-and-costs-fourth-quarter-2023.htm.)
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.
United States Department of Labor
