Transmission of material in this release is embargoed until USDL 24-1090
8:30 a.m. (ET) Thursday, June 6, 2024
Technical information: (202) 691-5606 • Productivity@bls.gov • www.bls.gov/productivity
Media contact: (202) 691-5902 • PressOffice@bls.gov
Productivity and Costs
First Quarter 2024, Revised
Nonfarm business sector labor productivity increased 0.2 percent in the first quarter of 2024, the U.S.
Bureau of Labor Statistics reported today, as output increased 0.9 percent and hours worked increased
0.6 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 2.9 percent, the largest
four-quarter increase since the first quarter of 2021, when the measure increased 5.9 percent. (See table
A1.)
Unit labor costs in the nonfarm business sector increased 4.0 percent in the first quarter of 2024,
reflecting a 4.2-percent increase in hourly compensation and a 0.2-percent increase in productivity. Unit
labor costs increased 0.9 percent over the last four quarters. (See tables A1 and 2.)
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 0.4 percent in the first
quarter of 2024, and increased 0.6 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. During the
current business cycle, starting in the fourth quarter of 2019, labor productivity has grown at an annual
rate of 1.5 percent, reflecting a 2.2-percent rate of growth in output and a 0.6-percent rate of growth in
hours worked during the business cycle. The 1.5-percent annual rate of productivity growth in the
current business cycle thus far is the same as the 1.5 percent rate of the previous business cycle from the
fourth quarter of 2007 through the fourth quarter of 2019, and is below the long-term rate of 2.1 percent
since the first quarter of 1947.
Manufacturing sector labor productivity was unchanged in the first quarter of 2024, as output and
hours worked both decreased 0.2 percent. In the durable manufacturing sector, productivity increased
1.0 percent, reflecting a 0.1-percent increase in output and a 0.9-percent decrease in hours worked.
Nondurable manufacturing sector productivity decreased 1.4 percent as output decreased 0.5 percent and
hours worked increased 0.9 percent. Total manufacturing sector productivity increased 1.1 percent from
the same quarter a year ago. (See tables A1, 3, 4, and 5.)
Unit labor costs in the total manufacturing sector increased 3.1 percent in the first quarter of 2024,
reflecting a 3.1-percent increase in hourly compensation and no change in productivity. Manufacturing
unit labor costs increased 4.1 percent from the same quarter a year ago, reflecting an increase of 1.1
percent in labor productivity and an increase of 5.3 percent in hourly compensation. Real hourly
compensation increased 2.0 percent from the same quarter a year ago. (See tables A1 and 3.)
Manufacturing sector labor productivity has grown at an annual rate of 0.3 percent during the current
business cycle, as output has grown 0.1 percent and hours have declined 0.2 percent. The 0.3-percent
annual rate of productivity growth in the current business cycle thus far is above the 0.0-percent rate of
the previous business cycle from the fourth quarter of 2007 through the fourth quarter of 2019, and is
below the long-term rate of 2.1 percent since the first quarter of 1987.
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.
Preliminary first-quarter 2024 measures were announced today for the nonfinancial corporate sector.
Productivity increased 1.8 percent in the first quarter of 2024 as output increased 2.5 percent and hours
worked increased 0.7 percent. Productivity increased 3.2 percent over the last four quarters. (See table
6.)
Revised measures
Measures released today are based on more recent source data than were available for the preliminary
report; they reflect regular updates of source data from the BLS, the Bureau of Economic Analysis
(BEA), and the Board of Governors of the Federal Reserve System.
Table B1 presents previous and revised productivity and related measures for the business, nonfarm
business, and manufacturing sectors for the first quarter of 2024.
In the first quarter of 2024, nonfarm business sector productivity increased 0.2 percent, a slight
downward revision from the previously reported increase of 0.3 percent. Output and hours worked were
both revised down 0.4 percentage point. Unit labor costs increased 4.0 percent rather than increasing 4.7
percent as previously reported, reflecting a 0.8-percentage point downward revision to hourly
compensation and a 0.1-percentage point downward revision to labor productivity. In the manufacturing
sector, productivity was revised down from a 0.2-percent increase to a 0.0-percent change, reflecting a
0.2-percentage point downward revision to output and no revision to hours worked. Manufacturing unit
labor costs increased 3.1 percent rather than the preliminary estimate of 3.2 percent, as a 0.3-percentage
point downward revision to hourly compensation was mostly offset by a 0.2-percentage point downward
revision to productivity.
Table B2 shows previous and revised productivity and related measures for the business, nonfarm
business, manufacturing, and nonfinancial corporate sectors for the fourth quarter of 2023.
In the fourth quarter of 2023, labor productivity in the nonfarm business sector remained at 3.5
percent, as both output and hours worked were unrevised. Hourly compensation, however, was revised
down from the previously reported increase of 3.5 percent to an increase of 0.6 percent. As a result, unit
labor costs decreased 2.8 percent in the fourth quarter of 2023, rather than no change as previously
reported. Labor productivity in the total manufacturing sector was revised down 0.1-percentage point to
an increase of 2.3 percent, the result of a 0.1-percentage point downward revision to output, which
declined at a 1.1-percent rate. Hours worked were unrevised, decreasing 3.3 percent in the fourth
quarter. Hourly compensation was revised down 3.7 percentage points to a 3.1-percent increase; this led
to a 3.5-percentage point downward revision to unit labor costs, from an increase of 4.2 percent to an
increase of 0.7 percent.
In the nonfinancial corporate sector, productivity grew 6.4 percent in the fourth quarter of 2023 rather
than 7.9 percent as previously reported, due to a 1.5-percentange point downward revision to output.
Hours worked were unrevised, increasing at a 0.2-percent rate.
Quarterly and annual data for all sectors for recent years appear in tables 1-6. Full historical annual and
quarterly measures can be found at www.bls.gov/productivity/tables/.
______________
The preliminary Productivity and Costs news release for second-quarter 2024 is scheduled to be
released on Thursday, August 1, 2024, at 8:30 a.m. (ET).
=========================================================================================================================
Table A1. Labor productivity growth and related measures – revised first-quarter 2024
(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 0.2 0.9 0.6 4.2 0.4 4.0
A year ago 2.9 3.1 0.2 3.8 0.6 0.9
Business Previous quarter 0.3 0.9 0.6 4.3 0.5 4.0
A year ago 2.8 3.0 0.2 3.8 0.5 0.9
Manufacturing Previous quarter 0.0 -0.2 -0.2 3.1 -0.6 3.1
A Year ago 1.1 -0.2 -1.3 5.3 2.0 4.1
Durable Previous quarter 1.0 0.1 -0.9 5.1 1.3 4.1
manufacturing A year ago 1.2 0.5 -0.7 5.7 2.4 4.5
Nondurable Previous quarter -1.4 -0.5 0.9 -0.5 -4.1 0.9
manufacturing A year ago 1.5 -0.9 -2.4 4.3 1.0 2.7
=========================================================================================================================
=========================================================================================================================
Table A2. Labor productivity growth and related measures - preliminary first-quarter 2024
(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
-------------------------------------------------------------------------------------------------------------------------
Nonfinancial Previous quarter 1.8 2.5 0.7 4.4 0.6 2.6
corporate A year ago 3.2 3.5 0.3 4.3 1.1 1.1
=========================================================================================================================
=========================================================================================================================
Table B1. Labor productivity growth and related measures - revised and previously published first-quarter 2024
(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 0.2 0.9 0.6 4.2 0.4 4.0
Previously published 0.3 1.3 1.0 5.0 1.1 4.7
Business Revised 0.3 0.9 0.6 4.3 0.5 4.0
Previously published 0.3 1.2 0.9 5.0 1.2 4.7
Manufacturing Revised 0.0 -0.2 -0.2 3.1 -0.6 3.1
Previously published 0.2 0.0 -0.2 3.4 -0.4 3.2
Durable Revised 1.0 0.1 -0.9 5.1 1.3 4.1
manufacturing Previously published 1.2 0.4 -0.8 5.5 1.7 4.3
Nondurable Revised -1.4 -0.5 0.9 -0.5 -4.1 0.9
manufacturing Previously published -1.3 -0.4 0.9 -0.7 -4.3 0.6
=========================================================================================================================
=========================================================================================================================
Table B2. 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 3.5 3.8 0.2 0.6 -2.0 -2.8
Previously published 3.5 3.8 0.2 3.5 0.8 0.0
Business Revised 3.6 3.7 0.1 0.8 -1.8 -2.7
Previously published 3.6 3.7 0.1 3.7 1.0 0.1
Nonfinancial Revised 6.4 6.6 0.2 1.4 -1.2 -4.7
corporate Previously published 7.9 8.1 0.2 3.9 1.2 -3.7
Manufacturing Revised 2.3 -1.1 -3.3 3.1 0.4 0.7
Previously published 2.4 -1.0 -3.3 6.8 4.0 4.2
Durable Revised 0.2 -2.8 -3.0 2.3 -0.4 2.1
manufacturing Previously published 0.5 -2.5 -3.0 9.5 6.6 9.0
Nondurable Revised 4.8 0.7 -4.0 4.5 1.8 -0.3
manufacturing Previously published 4.7 0.6 -4.0 1.5 -1.2 -3.1
=========================================================================================================================
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 51 percent of the value of GDP in 2023.
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)
2024 I 0.3 0.9 r 0.6 r 4.3 r 0.5 r 4.0 r 1.0 r 2.6 r
2023 ANNUAL 1.4 2.6 1.2 4.2 r 0.1 r 2.7 r 3.8 r 3.2
2023 IV 3.6 3.7 0.1 0.8 r -1.8 r -2.7 r 5.5 r 0.9
III 4.4 5.6 1.1 4.6 1.1 0.2 6.3 2.8
II 3.1 2.0 -1.0 5.5 2.4 2.4 -0.6 1.1
I -0.1 2.1 2.2 6.7 2.8 6.9 -0.9 3.3
2022 ANNUAL -1.9 1.9 3.9 3.8 -4.0 5.8 10.4 7.8
2022 IV 2.5 2.9 0.4 0.4 -3.5 -2.0 10.9 3.5
III 0.0 2.7 2.7 7.1 1.7 7.0 0.3 4.0
II -3.6 -1.3 2.4 1.2 -8.1 5.0 17.8 10.5
I -6.2 -3.0 3.4 1.8 -6.9 8.5 11.0 9.6
---------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2024 I 2.8 3.0 r 0.2 r 3.8 r 0.5 r 0.9 r 3.0 r 1.9
2023 ANNUAL 1.4 2.6 1.2 4.2 r 0.1 r 2.7 r 3.8 r 3.2
2023 IV 2.7 3.3 0.6 4.4 r 1.1 r 1.6 r 2.5 r 2.0
III 2.4 3.1 0.7 4.3 0.7 1.8 3.8 2.7
II 1.3 2.4 1.1 4.9 0.8 3.5 2.3 3.0
I -0.3 1.6 1.9 3.8 -1.9 4.1 6.8 5.3
2022 ANNUAL -1.9 1.9 3.9 3.8 -4.0 5.8 10.4 7.8
2022 IV -1.9 0.3 2.2 2.6 -4.3 4.5 9.8 6.9
III -1.8 1.7 3.6 4.0 -4.0 6.0 10.6 8.0
II -2.4 1.8 4.3 3.7 -4.5 6.3 11.8 8.6
I -1.4 4.0 5.5 5.1 -2.8 6.7 9.4 7.8
---------------------------------------------------------------------------------------------------
Indexes 2017=100
2024 I 112.0 r 118.0 r 105.4 r 134.7 r 105.9 r 120.3 r 126.4 r 122.9 r
2023 ANNUAL 110.3 116.0 105.2 131.8 r 105.7 r 119.5 r 123.9 r 121.4
2023 IV 111.9 117.8 105.2 133.3 r 105.7 r 119.1 r 126.0 r 122.1
III 110.9 116.7 105.2 133.0 106.2 119.9 124.4 121.9
II 109.7 115.1 104.9 131.5 105.9 119.9 122.5 121.0
I 108.9 114.6 105.2 129.8 105.3 119.2 122.7 120.7
2022 ANNUAL 108.7 113.1 104.0 126.5 105.6 116.3 119.3 117.6
2022 IV 109.0 114.0 104.6 127.7 104.6 117.2 122.9 119.7
III 108.3 113.2 104.5 127.6 105.5 117.8 119.8 118.7
II 108.3 112.4 103.8 125.4 105.1 115.8 119.7 117.5
I 109.3 112.8 103.2 125.1 107.3 114.4 114.9 114.6
---------------------------------------------------------------------------------------------------
See footnotes following Table 6. June 6, 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)
2024 I 0.2 r 0.9 r 0.6 r 4.2 r 0.4 r 4.0 r 1.0 r 2.7 r
2023 ANNUAL 1.4 2.6 1.2 4.2 r 0.1 r 2.8 r 4.2 r 3.4
2023 IV 3.5 3.8 0.2 0.6 r -2.0 r -2.8 r 6.4 r 1.2
III 4.6 5.8 1.1 4.6 1.1 0.1 6.8 3.0
II 3.3 2.0 -1.3 5.9 2.8 2.5 0.0 1.4
I -0.3 1.8 2.1 6.8 2.9 7.1 0.0 3.9
2022 ANNUAL -1.9 2.1 4.0 3.7 -4.1 5.7 10.0 7.5
2022 IV 2.1 2.8 0.8 0.0 -3.9 -2.0 11.0 3.5
III 0.0 2.8 2.8 7.1 1.7 7.1 0.1 3.9
II -3.7 -1.1 2.7 0.8 -8.5 4.7 16.9 9.9
I -5.7 -2.8 3.1 2.0 -6.6 8.3 9.9 9.0
---------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2024 I 2.9 3.1 r 0.2 r 3.8 r 0.6 r 0.9 r 3.5 r 2.0 r
2023 ANNUAL 1.4 2.6 1.2 4.2 r 0.1 r 2.8 r 4.2 r 3.4
2023 IV 2.7 3.3 0.6 4.4 r 1.2 r 1.7 r 3.2 r 2.4
III 2.4 3.1 0.7 4.3 0.7 1.9 4.3 2.9
II 1.3 2.4 1.1 4.9 0.8 3.6 2.7 3.2
I -0.5 1.6 2.1 3.6 -2.0 4.2 6.8 5.3
2022 ANNUAL -1.9 2.1 4.0 3.7 -4.1 5.7 10.0 7.5
2022 IV -1.9 0.4 2.3 2.5 -4.4 4.4 9.3 6.5
III -1.8 1.8 3.7 4.0 -4.0 5.8 10.4 7.8
II -2.4 2.0 4.5 3.6 -4.7 6.1 11.5 8.4
I -1.5 4.1 5.6 5.0 -3.0 6.5 8.8 7.5
---------------------------------------------------------------------------------------------------
Indexes 2017=100
2024 I 111.9 r 118.2 r 105.7 r 134.5 r 105.7 r 120.2 r 126.2 r 122.8 r
2023 ANNUAL 110.2 116.2 105.5 131.6 r 105.5 r 119.4 r 123.5 r 121.2
2023 IV 111.8 118.0 105.5 133.1 r 105.6 r 119.0 r 125.9 r 122.0
III 110.9 116.9 105.4 132.9 106.1 119.9 124.0 121.6
II 109.6 115.3 105.1 131.4 105.8 119.8 122.0 120.8
I 108.8 114.7 105.5 129.5 105.1 119.1 122.0 120.3
2022 ANNUAL 108.7 113.3 104.2 126.3 105.5 116.2 118.5 117.2
2022 IV 108.8 114.2 104.9 127.4 104.3 117.1 122.0 119.2
III 108.3 113.4 104.7 127.4 105.4 117.7 118.8 118.2
II 108.3 112.6 104.0 125.3 104.9 115.7 118.8 117.0
I 109.3 112.9 103.3 125.0 107.3 114.4 114.2 114.3
---------------------------------------------------------------------------------------------------
See footnotes following Table 6. June 6, 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)
2024 I 0.0 r -0.2 r -0.2 3.1 r -0.6 r 3.1 r
2023 ANNUAL -0.7 r -0.5 0.1 4.9 r 0.8 r 5.6 r
2023 IV 2.3 r -1.1 r -3.3 3.1 r 0.4 r 0.7 r
III -1.2 -0.6 0.6 7.5 3.9 8.9
II 3.5 1.1 -2.4 7.6 4.4 3.9
I -1.2 -0.4 0.8 5.0 1.2 6.3
2022 ANNUAL -1.2 2.8 4.0 3.6 -4.2 4.8
2022 IV -2.7 -3.6 -0.9 1.2 -2.8 4.0
III -3.2 0.4 3.7 7.6 2.2 11.1
II 0.9 3.0 2.1 2.3 -7.1 1.4
I -2.3 3.1 5.6 1.9 -6.7 4.3
---------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2024 I 1.1 r -0.2 r -1.3 5.3 r 2.0 r 4.1 r
2023 ANNUAL -0.7 r -0.5 0.1 4.9 r 0.8 r 5.6 r
2023 IV 0.8 r -0.3 r -1.1 5.8 r 2.5 r 4.9 r
III -0.4 -0.9 -0.5 5.3 1.7 5.7
II -0.9 -0.7 0.3 5.3 1.2 6.3
I -1.6 -0.2 1.4 4.0 -1.7 5.7
2022 ANNUAL -1.2 2.8 4.0 3.6 -4.2 4.8
2022 IV -1.8 0.7 2.6 3.2 -3.7 5.2
III -1.6 2.8 4.5 4.9 -3.2 6.6
II -1.2 3.6 4.8 2.6 -5.6 3.8
I -0.2 4.3 4.5 3.4 -4.4 3.6
---------------------------------------------------------------------------------------------------
Indexes 2017=100
2024 I 98.7 r 99.5 r 100.8 r 127.8 r 100.4 r 129.4 r
2023 ANNUAL 98.3 r 99.8 r 101.6 124.4 r 99.8 r 126.6 r
2023 IV 98.7 r 99.6 r 100.9 126.8 r 100.6 r 128.4 r
III 98.2 99.9 101.7 125.9 100.5 128.2
II 98.5 100.0 101.6 123.6 99.5 125.5
I 97.6 99.7 102.2 121.4 98.5 124.3
2022 ANNUAL 98.9 100.3 101.4 118.5 99.0 119.9
2022 IV 97.9 99.8 102.0 119.9 98.2 122.4
III 98.6 100.8 102.2 119.5 98.9 121.2
II 99.4 100.7 101.3 117.4 98.3 118.1
I 99.2 99.9 100.8 116.7 100.1 117.7
---------------------------------------------------------------------------------------------------
See footnotes following Table 6. June 6, 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)
2024 I 1.0 r 0.1 r -0.9 r 5.1 r 1.3 r 4.1 r
2023 ANNUAL -1.0 0.3 1.3 4.8 r 0.7 r 5.9 r
2023 IV 0.2 r -2.8 r -3.0 2.3 r -0.4 r 2.1 r
III -2.6 0.8 3.5 7.9 4.3 10.8
II 6.5 3.9 -2.5 7.8 4.6 1.2
I -3.8 -1.8 2.1 5.9 2.1 10.1
2022 ANNUAL -1.0 3.6 4.7 2.5 -5.2 3.6
2022 IV -2.5 -2.7 -0.1 -0.6 -4.5 1.9
III -3.0 2.0 5.1 7.3 1.9 10.6
II 2.1 5.4 3.2 2.7 -6.7 0.6
I -1.8 5.6 7.6 -0.5 -9.0 1.3
---------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2024 I 1.2 r 0.5 r -0.7 5.7 r 2.4 r 4.5 r
2023 ANNUAL -1.0 0.3 1.3 4.8 r 0.7 r 5.9 r
2023 IV 0.0 r 0.0 r 0.0 6.0 r 2.6 r 6.0 r
III -0.7 0.0 0.7 5.2 1.6 5.9
II -0.8 0.3 1.1 5.0 1.0 5.9
I -1.8 0.7 2.5 3.8 -1.9 5.7
2022 ANNUAL -1.0 3.6 4.7 2.5 -5.2 3.6
2022 IV -1.3 2.5 3.9 2.2 -4.7 3.5
III -0.7 4.5 5.3 4.6 -3.5 5.3
II -0.5 4.7 5.2 0.9 -7.2 1.4
I -1.9 2.6 4.5 2.2 -5.5 4.2
---------------------------------------------------------------------------------------------------
Indexes 2017=100
2024 I 96.6 r 98.0 r 101.5 r 127.8 r 100.4 r 132.4 r
2023 ANNUAL 96.2 r 98.2 r 102.1 123.9 r 99.4 r 128.8 r
2023 IV 96.3 r 98.0 r 101.8 126.2 r 100.1 r 131.0 r
III 96.3 98.7 102.5 125.5 100.2 130.4
II 96.9 98.5 101.6 123.2 99.2 127.1
I 95.4 97.6 102.3 120.9 98.1 126.7
2022 ANNUAL 97.2 97.9 100.8 118.2 98.7 121.7
2022 IV 96.3 98.0 101.7 119.1 97.6 123.7
III 96.9 98.7 101.8 119.3 98.7 123.1
II 97.7 98.2 100.5 117.2 98.2 120.0
I 97.2 96.9 99.7 116.4 99.9 119.9
---------------------------------------------------------------------------------------------------
See footnotes following Table 6. June 6, 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)
2024 I -1.4 r -0.5 r 0.9 -0.5 r -4.1 r 0.9 r
2023 ANNUAL 0.4 -1.3 -1.7 4.9 r 0.8 r 4.5 r
2023 IV 4.8 r 0.7 r -4.0 4.5 r 1.8 r -0.3 r
III 2.1 -2.1 -4.1 6.0 2.5 3.8
II 0.6 -1.7 -2.3 7.3 4.1 6.6
I 2.4 0.9 -1.5 3.0 -0.8 0.5
2022 ANNUAL -1.3 1.7 3.0 5.4 -2.4 6.8
2022 IV -2.4 -4.6 -2.3 4.5 0.5 7.1
III -2.5 -1.2 1.3 7.8 2.4 10.6
II 0.3 0.6 0.3 1.4 -8.0 1.1
I -1.7 0.6 2.4 6.2 -2.8 8.0
---------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2024 I 1.5 -0.9 -2.4 4.3 r 1.0 r 2.7 r
2023 ANNUAL 0.4 -1.3 -1.7 4.9 r 0.8 r 4.5 r
2023 IV 2.5 -0.5 r -3.0 5.2 r 1.9 r 2.6 r
III 0.7 -1.9 -2.5 5.2 1.6 4.5
II -0.5 -1.7 -1.2 5.6 1.5 6.1
I -0.6 -1.1 -0.5 4.1 -1.6 4.7
2022 ANNUAL -1.3 1.7 3.0 5.4 -2.4 6.8
2022 IV -1.6 -1.2 0.4 4.9 -2.1 6.6
III -2.3 0.9 3.3 5.2 -2.9 7.7
II -2.1 1.9 4.0 5.9 -2.5 8.1
I 0.7 5.2 4.5 5.5 -2.4 4.8
---------------------------------------------------------------------------------------------------
Indexes 2017=100
2024 I 100.3 r 99.9 r 99.6 r 127.6 r 100.2 r 127.2 r
2023 ANNUAL 99.5 r 100.2 r 100.7 125.2 r 100.4 r 125.8 r
2023 IV 100.6 r 100.0 r 99.3 127.7 r 101.3 r 126.9 r
III 99.5 99.8 100.3 126.3 100.8 127.0
II 98.9 100.3 101.4 124.5 100.2 125.8
I 98.8 100.8 102.0 122.3 99.2 123.8
2022 ANNUAL 99.1 101.5 102.5 119.4 99.7 120.4
2022 IV 98.2 100.5 102.4 121.4 99.4 123.6
III 98.8 101.7 103.0 120.1 99.3 121.5
II 99.4 102.0 102.6 117.8 98.7 118.5
I 99.4 101.9 102.5 117.4 100.8 118.2
---------------------------------------------------------------------------------------------------
See footnotes following Table 6. June 6, 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)
2024 I 1.8 2.5 0.7 4.4 0.6 2.6 0.0 8.8 4.5 -19.4
2023 ANNUAL 1.4 2.8 r 1.5 4.7 r 0.5 r 3.3 r 2.1 0.6 r 2.4 0.2 r
2023 IV 6.4 r 6.6 r 0.2 1.4 r -1.2 r -4.7 r -0.4 -1.6 r -3.7 r 18.1 r
III 3.1 3.9 0.8 4.8 1.3 1.6 1.9 -3.8 -0.1 13.0
II 1.8 1.2 -0.5 6.8 3.7 4.9 3.1 -2.4 2.6 6.0
I 1.8 4.3 2.4 6.9 3.0 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 -0.7 -0.1 0.6 1.0 -2.9 1.7 1.1 2.2 1.8 -2.3
III 1.3 5.0 3.7 6.6 1.2 5.2 3.1 1.1 3.9 -0.6
II -2.2 0.6 2.9 2.0 -7.4 4.3 11.2 9.1 5.8 42.8
I -2.2 0.8 3.0 2.6 -6.1 4.9 10.4 22.8 10.2 11.7
---------------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2024 I 3.2 3.5 0.3 4.3 1.1 1.1 1.2 0.1 0.8 3.3
2023 ANNUAL 1.4 2.8 r 1.5 4.7 r 0.5 r 3.3 r 2.1 0.6 r 2.4 0.2 r
2023 IV 3.2 r 4.0 r 0.7 5.0 r 1.7 r 1.7 r 1.2 -1.4 r 0.7 r 3.5 r
III 1.5 2.3 0.8 4.8 1.2 3.3 1.5 -0.5 2.1 -1.3
II 1.1 2.6 1.5 5.3 1.2 4.2 1.8 0.7 3.1 -4.4
I 0.0 2.4 2.4 4.1 -1.6 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 1.6 2.5 3.0 -3.9 4.0 6.4 8.5 5.4 11.5
III -1.4 2.9 4.3 3.9 -4.1 5.3 8.1 12.6 7.5 10.8
II -1.1 3.4 4.5 4.3 -4.0 5.5 8.2 16.3 8.7 5.7
I -0.6 4.8 5.4 5.4 -2.6 6.0 7.5 10.2 7.3 8.7
---------------------------------------------------------------------------------------------------------
Indexes 2017=100
2024 I 113.6 120.6 106.2 135.9 106.8 119.6 121.7 111.9 117.1 152.7
2023 ANNUAL 111.2 r 117.8 r 105.9 132.7 r 106.4 r 119.3 r 121.3 r 110.6 r 116.5 r 153.4 r
2023 IV 113.1 r 119.9 r 106.0 134.4 r 106.6 r 118.9 r 121.7 r 109.6 r 115.8 r 161.2 r
III 111.4 118.0 105.9 134.0 107.0 120.3 121.8 110.0 116.9 154.6
II 110.5 116.9 105.7 132.4 106.6 119.8 121.2 111.1 117.0 150.0
I 110.0 116.5 105.9 130.2 105.7 118.4 120.3 111.8 116.2 147.8
2022 ANNUAL 109.7 114.6 104.4 126.7 105.8 115.5 118.8 110.0 113.7 153.2
2022 IV 109.5 115.3 105.2 128.1 104.9 116.9 120.3 111.2 115.0 155.7
III 109.7 115.3 105.1 127.8 105.7 116.4 120.0 110.6 114.5 156.6
II 109.4 113.9 104.1 125.7 105.3 115.0 119.0 110.3 113.4 156.9
I 110.0 113.7 103.4 125.1 107.4 113.8 115.9 107.9 111.8 143.5
---------------------------------------------------------------------------------------------------------
See footnotes following Table 6. June 6, 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 +1.4 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 fourth 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 1978-2023 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
