Transmission of material in this release is embargoed until USDL 23-2317
8:30 a.m. (ET) Thursday, November 2, 2023
Technical information: (202) 691-5606 • Productivity@bls.gov • www.bls.gov/productivity
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PRODUCTIVITY AND COSTS
Third Quarter 2023, Preliminary
Nonfarm business sector labor productivity increased 4.7 percent in the third quarter of 2023, the
U.S. Bureau of Labor Statistics reported today, as output increased 5.9 percent and hours worked
increased 1.1 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.)
The increase in labor productivity is the highest rate since the third quarter of 2020, in which
productivity increased 5.7 percent. From the same quarter a year ago, nonfarm business sector labor
productivity increased 2.2 percent in the third quarter of 2023. (See table A1.)
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.
Unit labor costs in the nonfarm business sector decreased 0.8 percent in the third quarter of 2023,
reflecting a 3.9-percent increase in hourly compensation and a 4.7-percent increase in productivity. Unit
labor costs increased 1.9 percent over the last four quarters. (See tables A1 and 2.)
=========================================================================================================================
Historical Revisions
Data in this release reflect the 2023 Comprehensive Update of the National Income and Product
Accounts (NIPA) released by the Bureau of Economic Analysis of the U.S. Department of Commerce
on September 28, 2023. 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 0.3 percent in the third
quarter of 2023, and increased 0.6 percent over the last four quarters.
Manufacturing sector labor productivity declined 0.7 percent in the third quarter of 2023, as output
decreased 0.1 percent and hours worked increased 0.7 percent. In the durable manufacturing sector,
productivity decreased 1.4 percent, reflecting a 2.3-percent increase in output and a 3.8-percent increase
in hours worked. Nondurable manufacturing sector productivity increased 2.1 percent, as output
decreased 2.4 percent and hours worked decreased 4.4 percent. Total manufacturing sector productivity
decreased 0.7 percent from the same quarter a year ago. (See tables A1, 3, 4, and 5.)
Unit labor costs in the total manufacturing sector increased 7.0 percent in the third quarter of 2023,
reflecting a 6.2-percent increase in hourly compensation and a 0.7-percent decrease in productivity.
Manufacturing unit labor costs increased 5.8 percent from the same quarter a year ago. (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
Measures of output for the business, nonfarm business, and nonfinancial corporate sectors, and measures
of compensation for all sectors, incorporate revised National Income and Product Accounts (NIPA) data
released on September 28, 2023, by the Bureau of Economic Analysis (BEA), U.S. Department of
Commerce. Measures of real output provided by BEA reflect a change in base year from 2012 to 2017,
and BLS has also changed the base year of indexes of labor productivity and related measures to 2017.
As a result, all indexes in this release were revised historically. Revisions to percent change measures
affected shorter time periods. Quarterly and annual measures incorporating compensation were subject
to revision back to 2008 for the business and nonfarm business sectors, back to 2013 for the nonfinancial
corporate sector, and back to 2018 for the manufacturing sector. Source data on output and
compensation released by BEA on October 26, 2023, are reflected in data for the third quarter of 2023.
Regular updates of source data on manufacturing output released in September and October by the
Board of Governors of the Federal Reserve System are reflected in data for the first three quarters of
2023; there were no historical revisions to manufacturing output.
Hours worked and related measures for the business and nonfarm business sectors were subject to
revision back to 2008 due to revised NIPA data on government enterprises employment and on the
proportion of industry compensation paid to employees of nonprofit institutions. Hours worked and
related measures for the nonfinancial corporate sector were subject to revision back to 2006 due to the
incorporation of revised NIPA data on the proportion of industry compensation paid to employees of
corporations.
In second-quarter 2020, productivity was revised up 3.4 percentage points due to a 2.2-percentage point
upward revision to output and a 0.2-percentage point upward revision to hours worked. The revised
figures now stand at an increase of 20.7 percent for productivity and decreases of 32.8 percent and 44.4
percent in output and hours worked, respectively. The second-quarter 2020 change is now the largest
productivity increase in the series, topping the 17.9-percent increase in the fourth quarter of 1947. Other
notably revised periods include the first and second quarters of 2021, which saw downward revisions to
productivity of 1.8 percentage points and 1.5 percentage points, respectively. Because hours worked
were not revised in these two quarters, these revisions can be attributed to downward revisions to output
of 2.0 percentage points and 1.6 percentage points, respectively. Productivity in the first and second
quarters of 2021 now stand at increases of 1.6 percent and 0.8 percent, respectively.
From the first quarter of 2012 to the second quarter of 2023, growth was revised upward overall, causing
the revised index to outpace the previously published index. The average annual rate of nonfarm
business sector productivity growth from the first quarter of 2012 to the second quarter of 2023 was
revised up 0.1 percentage point to an increase of 1.3 percent.
The average annual rate of nonfarm business sector productivity growth during the portion of the current
business cycle subject to revision--from the fourth quarter of 2019 to the second quarter of 2023--was
revised down 0.1 percentage point to an increase of 1.2 percent. The rate of growth for this business
cycle through the current quarter--the third quarter of 2023--is 1.4 percent.
Table B1 presents revised and previous labor productivity and related measures for the nonfarm
business, business, and manufacturing sectors for the second quarter of 2023. Table A2 presents these
measures for the nonfinancial corporate sector.
Nonfarm business sector productivity in the second quarter of 2023 was revised up 0.1 percentage
point to an increase of 3.6 percent. As hours worked were unrevised, this stems from a 0.1-percentage
point upward revision to output. Second-quarter unit labor costs were revised up 1.0 percentage point to
an increase of 3.2 percent, reflecting a 1.2-percentage point upward revision to hourly compensation and
the aforementioned revision to productivity. Real hourly compensation in the second quarter of 2023
was also revised upward 1.2 percentage point, to an increase of 4.1 percent. (See table B1.)
Manufacturing sector productivity was revised up 0.2 percentage point to an increase of 3.1 percent in
the second quarter of 2023, reflecting a 0.2-percentage point upward revision to output. Hours worked
were unrevised. Productivity was revised up 0.9 percentage point in the durable manufacturing sector
and down 0.5 percentage point in the nondurable manufacturing sector. In the second quarter of 2023,
total manufacturing unit labor costs increased 6.3 percent rather than 4.9 percent as previously reported,
reflecting a 1.7-percentage point upward revision to hourly compensation which was partially offset by
the 0.2-percentage point upward revision to productivity. (See table B1.)
Nonfinancial corporate sector productivity increased 2.1 percent in the second quarter of 2023, rather
than the previously published estimate of a 3.7-percent increase, as a result of a 1.6-percentage point
downward revision to output and a 0.1-percentage point downward revision to hours worked. Unit labor
costs in the nonfinancial corporate sector were revised up 2.8 percentage points to an increase of 4.9
percent in the second quarter of 2023, as hourly compensation was revised up 1.3 percentage points and
productivity was revised down 1.6 percentage points. (See table A2.)
Annual averages
Table C1 presents annual data for the nonfarm business, total manufacturing, and nonfinancial corporate
sectors from 2020 to 2022. Annual average percent changes compare average annual indexes from one
year to the next.
Annual average productivity in the nonfarm business sector was revised down to a 1.9-percent
decrease in 2022, as output increased 2.1 percent and hours worked increased 4.0 percent. Annual
average productivity in 2021 was revised down 0.5 percentage point to an increase of 1.7 percent, and in
2020 was revised up 0.7 percentage point to an increase of 5.2 percent. Unit labor costs were revised
down 0.5 percentage point in 2022, revised up 0.7 percentage point in 2021, and revised down 0.6
percentage point in 2020. (See table C1.)
Annual average manufacturing sector productivity, output, and hours worked were not revised for
2022, 2021, or 2020. Unit labor costs were revised down in 2022, 2021, and 2020 by 0.3 percentage
point, 0.4 percentage point, and 0.2 percentage point, respectively. (See table C1.)
In the nonfinancial corporate sector, productivity was revised up 1.2 percentage points to a decrease of
1.0 percent in 2022. This stemmed from a 1.1-percentage point upward revision to output, as hours
worked were unrevised. Unit labor costs were revised down 2.5 percentage points to an increase of 5.2
percent, reflecting a 1.2-percentage point downward revision to hourly compensation and the
aforementioned revision to productivity. (See tables C1 and 6.)
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 revised Productivity and Costs news release for third-quarter 2023 is scheduled to be released
on Wednesday, December 6, 2023, at 8:30 a.m. (ET).
=========================================================================================================================
Table A1. Labor productivity growth and related measures - preliminary third-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 4.7 5.9 1.1 3.9 0.3 -0.8
A year ago 2.2 3.1 0.8 4.2 0.6 1.9
Business Previous quarter 4.7 5.7 1.0 4.0 0.4 -0.7
A year ago 2.4 3.2 0.8 4.2 0.6 1.8
Manufacturing Previous quarter -0.7 -0.1 0.7 6.2 2.5 7.0
A Year ago -0.7 -0.8 -0.1 5.0 1.4 5.8
Durable Previous quarter -1.4 2.3 3.8 4.2 0.6 5.7
manufacturing A year ago -0.7 0.5 1.1 4.5 0.9 5.2
Nondurable Previous quarter 2.1 -2.4 -4.4 9.4 5.6 7.1
manufacturing A year ago 0.1 -2.1 -2.2 5.7 2.1 5.6
=========================================================================================================================
=========================================================================================================================
Table A2. Labor productivity growth and related measures - revised and previously published second-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 2.1 1.2 -0.9 7.1 4.3 4.9
corporate Previously published 3.7 2.8 -0.8 5.8 3.0 2.1
=========================================================================================================================
=========================================================================================================================
Table B1. Labor productivity growth and related measures - revised and previously published second-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 3.6 2.0 -1.5 6.9 4.1 3.2
Previously published 3.5 1.9 -1.5 5.7 2.9 2.2
Business Revised 3.4 2.0 -1.4 6.5 3.7 3.0
Previously published 3.4 2.0 -1.3 5.4 2.6 1.9
Manufacturing Revised 3.1 1.0 -2.1 9.7 6.8 6.3
Previously published 2.9 0.8 -2.1 8.0 5.1 4.9
Durable Revised 5.4 4.2 -1.2 10.2 7.3 4.5
manufacturing Previously published 4.5 3.2 -1.3 7.5 4.6 2.9
Nondurable Revised 1.5 -2.1 -3.6 8.5 5.7 6.9
manufacturing Previously published 2.0 -1.5 -3.5 8.8 5.9 6.6
=========================================================================================================================
=========================================================================================================================
Table C1. Labor productivity growth and related measures - revised and previous annual average changes: 2020-2022
Labor Hours Hourly Real hourly Unit labor
Sector Year productivity Output worked compensation compensation costs
-------------------------------------------------------------------------------------------------------------------------
Nonfarm 2022 Revised -1.9 2.1 4.0 3.7 -4.1 5.6
business Previously published -1.6 2.3 4.0 4.4 -3.4 6.1
2021 Revised 1.7 7.2 5.5 4.9 0.0 3.1
Previously published 2.2 7.8 5.5 4.7 -0.1 2.4
2020 Revised 5.2 -2.8 -7.6 8.2 6.7 2.9
Previously published 4.5 -3.5 -7.6 8.2 6.8 3.5
Nonfinancial 2022 Revised -1.0 3.1 4.2 4.1 -3.7 5.2
corporate Previously published -2.2 2.0 4.2 5.3 -2.5 7.7
2021 Revised 3.6 9.0 5.1 4.7 -0.2 1.0
Previously published 3.0 8.3 5.2 4.5 -0.3 1.5
3.4 -4.2 -7.4 8.0 6.6 4.5
2020 Revised 3.6 -4.0 -7.4 8.1 6.7 4.4
Previously published
Manufacturing 2022 Revised -1.3 2.9 4.2 3.5 -4.3 4.8
Previously published -1.3 2.9 4.2 3.8 -4.0 5.1
2021 Revised 1.8 5.1 3.2 2.3 -2.4 0.4
Previously published 1.8 5.1 3.2 2.7 -2.1 0.8
2020 Revised 0.4 -7.0 -7.4 6.8 5.4 6.3
Previously published 0.4 -7.0 -7.4 7.0 5.6 6.5
=========================================================================================================================
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
2022. Nonfarm business, which excludes farming, accounted for about 76 percent of GDP in
2022.
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 web site, www.bls.gov/data/home.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 methodology 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 III 4.7 5.7 1.0 4.0 0.4 -0.7 8.5 3.3
II 3.4 2.0 -1.4 r 6.5 r 3.7 r 3.0 r -1.4 r 1.1 r
I -0.6 r 2.1 r 2.7 6.5 r 2.7 r 7.1 r -1.3 r 3.3 r
2022 ANNUAL -1.8 r 1.9 r 3.8 r 3.8 r -4.0 r 5.7 r 10.5 r 7.8 r
2022 IV 2.0 r 2.9 r 0.9 -0.1 r -4.1 r -2.0 r 10.9 r 3.5 r
III 0.2 r 2.7 r 2.5 6.9 r 1.3 r 6.7 r 0.7 r 4.0 r
II -3.4 r -1.3 r 2.1 1.9 r -7.2 r 5.4 r 17.2 r 10.5 r
I -6.7 r -3.0 r 4.0 0.9 r -7.7 r 8.2 r 11.4 r 9.6 r
2021 ANNUAL 1.8 r 7.2 r 5.3 r 4.9 r 0.1 r 3.1 r 7.9 r 5.1 r
2021 IV 2.8 r 8.8 r 5.8 6.1 r -2.4 r 3.2 r 14.5 r 8.0 r
III -2.0 r 3.3 r 5.4 6.1 r -0.5 r 8.3 r 4.3 r 6.6 r
II 1.1 r 7.2 r 6.0 7.3 r -0.6 r 6.2 r 8.7 r 7.3
I 1.9 r 6.7 r 4.6 r -0.3 r -4.5 r -2.2 r 19.9 r 6.6 r
---------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2023 III 2.4 3.2 0.8 4.2 0.6 1.8 4.0 2.8
II 1.2 r 2.4 r 1.2 4.9 r 0.8 r 3.6 r 2.1 r 3.0 r
I -0.5 r 1.6 r 2.0 r 3.8 r -1.9 r 4.2 r 6.6 r 5.3
2022 ANNUAL -1.8 r 1.9 r 3.8 r 3.8 r -4.0 r 5.7 r 10.5 r 7.8 r
2022 IV -2.0 r 0.3 r 2.4 2.4 r -4.5 r 4.5 r 9.9 r 6.9 r
III -1.8 r 1.7 r 3.6 3.9 r -4.1 r 5.9 r 10.8 r 8.0 r
II -2.4 1.8 4.3 3.7 r -4.5 r 6.3 r 11.8 r 8.6 r
I -1.3 r 4.0 r 5.3 5.1 r -2.8 r 6.5 9.7 r 7.8 r
2021 ANNUAL 1.8 r 7.2 r 5.3 r 4.9 r 0.1 r 3.1 r 7.9 r 5.1 r
2021 IV 0.9 r 6.5 r 5.5 4.8 r -2.0 r 3.8 r 11.7 r 7.1 r
III -0.8 r 5.6 r 6.4 r 5.6 r 0.2 r 6.4 r 4.9 r 5.8 r
II 1.4 r 15.2 r 13.6 r 2.7 r -2.1 r 1.3 r 11.1 r 5.3 r
I 5.7 r 2.5 r -3.1 6.5 r 4.4 r 0.8 r 4.2 r 2.2 r
---------------------------------------------------------------------------------------------------
Indexes 2017=100
2023 III 111.0 116.7 105.2 132.9 106.1 119.7 124.9 122.0
II 109.7 r 115.1 r 104.9 r 131.6 r 106.0 r 119.9 r 122.4 r 121.0 r
I 108.8 r 114.6 r 105.3 r 129.5 r 105.0 r 119.1 r 122.8 r 120.7 r
2022 ANNUAL 108.8 r 113.1 r 103.9 r 126.4 r 105.6 r 116.2 r 119.6 r 117.6 r
2022 IV 108.9 r 114.0 r 104.6 r 127.5 r 104.4 r 117.0 r 123.2 r 119.7 r
III 108.4 r 113.2 r 104.4 r 127.5 r 105.5 r 117.6 r 120.1 r 118.7 r
II 108.4 r 112.4 r 103.7 r 125.4 r 105.1 r 115.7 r 119.8 r 117.5 r
I 109.3 r 112.8 r 103.2 r 124.8 r 107.1 r 114.2 r 115.2 r 114.6 r
2021 ANNUAL 110.9 r 110.9 r 100.0 r 121.8 r 109.9 r 109.8 r 108.2 r 109.1 r
2021 IV 111.2 r 113.6 r 102.2 r 124.5 r 109.3 r 112.0 r 112.1 r 112.0 r
III 110.4 r 111.3 r 100.7 r 122.7 r 109.9 r 111.1 r 108.4 r 109.9 r
II 111.0 r 110.4 r 99.4 r 120.9 r 110.1 r 108.9 r 107.2 r 108.2 r
I 110.7 r 108.5 r 98.0 r 118.8 r 110.2 r 107.3 r 105.0 r 106.3 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6. November 2, 2023
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 III 4.7 5.9 1.1 3.9 0.3 -0.8 8.8 3.3
II 3.6 r 2.0 r -1.5 6.9 r 4.1 r 3.2 r -0.9 r 1.4 r
I -0.8 r 1.8 r 2.6 6.5 r 2.7 r 7.4 r -0.3 r 3.9 r
2022 ANNUAL -1.9 r 2.1 r 4.0 3.7 r -4.1 r 5.6 r 10.1 r 7.5 r
2022 IV 1.6 2.8 r 1.3 -0.5 r -4.5 r -2.0 r 11.0 r 3.5 r
III 0.4 r 2.8 r 2.4 7.1 r 1.4 r 6.6 r 0.6 r 3.9 r
II -3.6 r -1.1 r 2.6 1.5 r -7.6 r 5.3 r 16.1 r 9.9 r
I -6.3 r -2.8 r 3.7 r 1.1 r -7.5 r 8.0 r 10.3 r 9.0 r
2021 ANNUAL 1.7 r 7.2 r 5.5 4.9 r 0.0 r 3.1 r 7.2 r 4.8 r
2021 IV 2.8 r 8.9 r 5.9 6.0 r -2.6 r 3.1 r 15.8 r 8.4 r
III -2.4 r 3.4 r 5.9 5.6 r -0.9 r 8.2 r 4.2 r 6.4 r
II 0.8 r 7.3 r 6.4 7.0 r -0.8 r 6.1 r 6.5 r 6.3 r
I 1.6 r 6.5 r 4.9 -0.4 r -4.6 r -2.0 r 19.3 r 6.5 r
---------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2023 III 2.2 3.1 0.8 4.2 0.6 1.9 4.5 3.0
II 1.2 2.4 r 1.2 5.0 r 0.9 r 3.7 r 2.5 r 3.2 r
I -0.6 1.6 2.2 3.6 r -2.1 r 4.2 r 6.6 r 5.3
2022 ANNUAL -1.9 r 2.1 r 4.0 3.7 r -4.1 r 5.6 r 10.1 r 7.5 r
2022 IV -2.0 r 0.4 r 2.5 2.3 r -4.6 r 4.4 r 9.4 r 6.5 r
III -1.7 r 1.8 r 3.6 r 3.9 r -4.1 r 5.7 r 10.5 r 7.8 r
II -2.4 r 2.0 r 4.5 3.5 r -4.7 r 6.1 r 11.5 r 8.4 r
I -1.3 r 4.1 r 5.5 4.9 r -3.0 r 6.3 r 9.1 r 7.5 r
2021 ANNUAL 1.7 r 7.2 r 5.5 4.9 r 0.0 r 3.1 r 7.2 r 4.8 r
2021 IV 0.7 r 6.5 r 5.8 4.5 r -2.2 r 3.8 r 11.3 r 6.9 r
III -0.8 r 5.7 r 6.5 r 5.6 r 0.2 r 6.5 r 3.9 r 5.4 r
II 1.1 r 15.1 r 13.8 r 2.5 r -2.3 r 1.4 r 9.8 r 4.8 r
I 5.8 r 2.4 r -3.2 6.6 r 4.5 r 0.8 r 4.1 r 2.2 r
---------------------------------------------------------------------------------------------------
Indexes 2017=100
2023 III 110.8 116.9 105.5 132.7 105.9 119.7 124.4 121.8
II 109.6 r 115.3 r 105.2 r 131.4 r 105.9 r 119.9 r 121.8 r 120.8 r
I 108.6 r 114.7 r 105.6 r 129.2 r 104.8 r 119.0 r 122.1 r 120.3 r
2022 ANNUAL 108.8 r 113.3 r 104.1 r 126.3 r 105.4 r 116.0 r 118.7 r 117.2 r
2022 IV 108.8 r 114.2 r 104.9 r 127.2 r 104.1 r 116.9 r 122.2 r 119.2 r
III 108.4 r 113.4 r 104.6 r 127.4 r 105.3 r 117.5 r 119.1 r 118.2 r
II 108.3 r 112.6 r 104.0 r 125.2 r 105.0 r 115.6 r 118.9 r 117.0 r
I 109.3 r 112.9 r 103.3 r 124.8 r 107.0 r 114.1 r 114.5 r 114.3 r
2021 ANNUAL 110.9 r 111.0 r 100.1 r 121.8 r 109.9 r 109.9 r 107.8 r 109.0 r
2021 IV 111.1 r 113.7 r 102.4 r 124.4 r 109.1 r 112.0 r 111.8 r 111.9 r
III 110.3 r 111.4 r 100.9 r 122.6 r 109.9 r 111.1 r 107.7 r 109.6 r
II 111.0 r 110.4 r 99.5 r 120.9 r 110.1 r 109.0 r 106.6 r 107.9 r
I 110.8 r 108.5 r 98.0 r 118.9 r 110.4 r 107.3 r 105.0 r 106.3 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6. November 2, 2023
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 III -0.7 -0.1 0.7 6.2 2.5 7.0
II 3.1 r 1.0 r -2.1 9.7 r 6.8 r 6.3 r
I -1.9 r -0.4 r 1.5 4.5 r 0.8 r 6.6 r
2022 ANNUAL -1.3 2.9 4.2 3.5 r -4.3 r 4.8 r
2022 IV -3.2 -3.6 -0.5 -0.1 -4.1 3.2
III -2.8 0.4 3.3 7.7 2.0 10.8
II 2.2 3.0 0.7 3.2 r -6.0 r 0.9 r
I -3.9 3.1 7.3 0.7 r -7.9 r 4.7 r
2021 ANNUAL 1.8 5.1 3.2 2.3 r -2.4 r 0.4 r
2021 IV -2.1 4.9 7.2 8.0 r -0.7 r 10.3 r
III -1.7 3.4 5.3 r -1.7 r -7.8 r 0.0 r
II 5.8 6.4 0.6 6.1 r -1.7 r 0.3 r
I -0.7 0.5 1.3 -1.3 r -5.4 r -0.6 r
---------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2023 III -0.7 -0.8 -0.1 5.0 1.4 5.8
II -1.2 r -0.7 r 0.5 5.4 r 1.3 r 6.7 r
I -1.4 -0.2 1.3 3.8 r -1.9 r 5.3 r
2022 ANNUAL -1.3 2.9 4.2 3.5 r -4.3 r 4.8 r
2022 IV -1.9 0.7 2.7 2.8 r -4.1 r 4.9 r
III -1.7 2.8 4.6 4.8 r -3.2 r 6.6 r
II -1.4 3.6 5.1 2.5 r -5.7 r 3.9 r
I -0.6 4.5 5.0 3.2 r -4.6 r 3.8 r
2021 ANNUAL 1.8 5.1 3.2 2.3 r -2.4 r 0.4 r
2021 IV 0.2 3.8 3.5 2.7 r -4.0 r 2.4 r
III 0.6 4.4 3.8 2.6 r -2.7 r 2.0 r
II 5.1 15.2 9.6 -0.6 r -5.2 r -5.4 r
I 1.8 -1.8 -3.5 4.3 r 2.3 r 2.5 r
---------------------------------------------------------------------------------------------------
Indexes 2017=100
2023 III 97.8 99.9 102.1 125.6 100.3 128.3
II 98.0 r 99.9 r 101.9 r 123.7 r 99.6 r 126.2 r
I 97.3 r 99.6 r 102.4 r 120.9 r 98.0 r 124.3 r
2022 ANNUAL 98.7 r 100.2 r 101.5 r 118.5 r 98.9 r 120.0 r
2022 IV 97.7 r 99.7 r 102.1 r 119.5 r 97.8 r 122.3 r
III 98.5 r 100.7 r 102.2 r 119.6 r 98.9 r 121.3 r
II 99.2 r 100.6 r 101.4 r 117.4 r 98.4 r 118.3 r
I 98.7 r 99.8 r 101.2 r 116.4 r 99.9 r 118.0 r
2021 ANNUAL 100.0 r 97.4 r 97.4 r 114.5 r 103.3 r 114.5 r
2021 IV 99.7 r 99.1 r 99.4 r 116.2 r 102.0 r 116.6 r
III 100.2 r 97.9 r 97.7 r 114.0 r 102.2 r 113.8 r
II 100.6 r 97.1 r 96.5 r 114.5 r 104.3 r 113.8 r
I 99.2 r 95.6 r 96.3 r 112.8 r 104.7 r 113.7 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6. November 2, 2023
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 III -1.4 2.3 3.8 4.2 0.6 5.7
II 5.4 r 4.2 r -1.2 r 10.2 r 7.3 r 4.5 r
I -4.2 r -1.8 r 2.5 5.6 r 1.7 r 10.2 r
2022 ANNUAL -1.0 3.7 4.7 2.4 r -5.2 r 3.4 r
2022 IV -2.2 -2.7 -0.5 -1.5 r -5.5 r 0.7 r
III -3.7 2.0 5.9 7.5 r 1.9 r 11.7 r
II 3.7 5.4 1.6 3.4 r -5.8 r -0.3 r
I -3.0 5.6 8.9 -1.8 r -10.2 r 1.2 r
2021 ANNUAL 1.0 4.1 3.1 3.2 r -1.6 r 2.2 r
2021 IV 0.3 5.4 5.1 9.5 r 0.7 r 9.2 r
III -2.8 3.0 r 5.9 -7.4 r -13.2 r -4.8 r
II -2.3 -2.6 -0.3 9.0 r 0.9 r 11.5 r
I -4.0 r -0.2 3.9 0.7 -3.5 4.8
---------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2023 III -0.7 0.5 1.1 4.5 0.9 5.2
II -1.2 r 0.4 r 1.7 r 5.3 r 1.2 r 6.7 r
I -1.6 r 0.7 r 2.4 3.7 r -2.0 r 5.4 r
2022 ANNUAL -1.0 3.7 4.7 2.4 r -5.2 r 3.4 r
2022 IV -1.3 2.5 3.9 1.8 r -5.0 r 3.2 r
III -0.7 4.6 5.3 4.6 r -3.5 r 5.3 r
II -0.5 4.8 5.3 0.7 r -7.3 r 1.2 r
I -2.0 2.8 4.8 2.0 r -5.7 r 4.1 r
2021 ANNUAL 1.0 4.1 3.1 3.2 r -1.6 r 2.2 r
2021 IV -2.2 1.3 3.6 2.7 r -3.9 r 5.0 r
III -2.4 1.3 3.8 3.4 r -1.9 r 5.9 r
II 7.0 18.4 10.7 0.7 r -4.1 r -5.9 r
I 2.5 -2.1 -4.5 5.7 r 3.6 r 3.0 r
---------------------------------------------------------------------------------------------------
Indexes 2017=100
2023 III 96.1 99.1 103.0 124.7 99.6 129.7
II 96.5 r 98.5 r 102.1 r 123.4 r 99.4 r 127.9 r
I 95.2 r 97.5 r 102.4 r 120.5 r 97.7 r 126.5 r
2022 ANNUAL 97.1 r 97.9 r 100.8 r 118.2 r 98.7 r 121.7 r
2022 IV 96.2 r 97.9 r 101.8 r 118.9 r 97.3 r 123.5 r
III 96.8 r 98.6 r 101.9 r 119.3 r 98.7 r 123.3 r
II 97.7 r 98.1 r 100.4 r 117.2 r 98.2 r 119.9 r
I 96.8 r 96.8 r 100.0 r 116.2 r 99.7 r 120.0 r
2021 ANNUAL 98.1 r 94.4 r 96.3 r 115.3 r 104.1 r 117.6 r
2021 IV 97.6 r 95.5 r 97.9 r 116.7 r 102.4 r 119.7 r
III 97.5 r 94.3 r 96.7 r 114.1 r 102.3 r 117.1 r
II 98.2 r 93.6 r 95.3 r 116.3 r 105.9 r 118.5 r
I 98.8 r 94.2 r 95.4 r 113.9 r 105.7 r 115.3 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6. November 2, 2023
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 III 2.1 -2.4 -4.4 9.4 5.6 7.1
II 1.5 r -2.1 r -3.6 r 8.5 r 5.7 r 6.9 r
I 1.1 r 0.9 r -0.2 2.4 r -1.3 r 1.3 r
2022 ANNUAL -1.6 1.7 3.4 5.3 r -2.6 r 7.0 r
2022 IV -4.2 -4.6 -0.4 2.6 r -1.5 r 7.1 r
III -0.2 -1.2 -1.1 7.5 r 1.8 r 7.6 r
II 1.3 0.6 -0.7 2.7 r -6.5 r 1.3 r
I -3.9 0.6 4.7 5.2 r -3.8 r 9.4 r
2021 ANNUAL 1.2 4.5 3.3 0.7 r -3.9 r -0.5 r
2021 IV -6.2 3.8 10.7 5.7 r -2.8 r 12.7 r
III -1.4 2.7 4.2 10.1 r 3.3 11.7 r
II 12.2 14.6 2.1 1.1 r -6.4 r -9.9 r
I 1.8 -1.1 -2.9 -5.7 r -9.6 r -7.4 r
---------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2023 III 0.1 -2.1 -2.2 5.7 2.1 5.6
II -0.5 r -1.8 r -1.3 5.2 r 1.1 r 5.7 r
I -0.5 -1.1 -0.6 3.8 -1.9 4.3
2022 ANNUAL -1.6 1.7 3.4 5.3 r -2.6 r 7.0 r
2022 IV -1.8 -1.2 0.6 4.5 r -2.5 r 6.3 r
III -2.3 0.9 3.3 5.2 r -2.9 r 7.7 r
II -2.6 1.9 4.6 5.9 r -2.5 r 8.7 r
I -0.1 5.3 5.4 5.5 -2.5 r 5.5 r
2021 ANNUAL 1.2 4.5 3.3 0.7 r -3.9 r -0.5 r
2021 IV 1.4 4.8 3.4 2.6 r -4.0 r 1.2 r
III 1.9 6.0 4.0 1.1 r -4.1 r -0.8 r
II 2.3 10.4 7.9 -3.1 r -7.7 r -5.3 r
I -0.7 -2.5 -1.8 2.1 r 0.1 r 2.8 r
---------------------------------------------------------------------------------------------------
Indexes 2017=100
2023 III 99.0 99.5 100.4 127.0 101.4 128.2
II 98.5 r 100.1 r 101.6 r 124.1 r 100.0 r 126.0 r
I 98.2 r 100.6 r 102.5 r 121.6 r 98.6 r 123.9 r
2022 ANNUAL 98.8 r 101.4 r 102.7 r 119.2 r 99.6 r 120.7 r
2022 IV 97.9 r 100.4 r 102.6 r 120.9 r 99.0 r 123.5 r
III 99.0 r 101.6 r 102.7 r 120.1 r 99.3 r 121.4 r
II 99.0 r 101.9 r 102.9 r 118.0 r 98.9 r 119.2 r
I 98.7 r 101.7 r 103.1 r 117.2 r 100.6 r 118.8 r
2021 ANNUAL 100.4 r 99.7 r 99.3 r 113.2 r 102.2 r 112.8 r
2021 IV 99.7 r 101.6 r 101.9 r 115.7 r 101.5 r 116.1 r
III 101.3 r 100.6 r 99.4 r 114.1 r 102.3 r 112.7 r
II 101.6 r 100.0 r 98.4 r 111.4 r 101.5 r 109.6 r
I 98.7 r 96.6 r 97.9 r 111.1 r 103.1 r 112.5 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6. November 2, 2023
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 II 2.1 r 1.2 r -0.9 r 7.1 r 4.3 r 4.9 r 3.1 r -2.4 r 2.6 r 6.1 r
I 1.6 r 4.3 r 2.6 6.7 r 2.9 r 5.0 r 0.0 r 2.3 r 4.1 r -18.8 r
2022 ANNUAL -1.0 r 3.1 r 4.2 4.1 r -3.7 r 5.2 r 7.5 r 11.8 r 7.2 r 9.1 r
2022 IV -1.3 r -0.1 r 1.2 0.3 r -3.7 r 1.7 r 1.1 r 2.2 r 1.8 r -2.3 r
III 1.4 r 5.0 r 3.6 6.7 r 1.0 r 5.2 r 3.1 r 1.1 r 3.9 r -0.6 r
II -1.6 r 0.6 r 2.3 2.6 r -6.5 r 4.3 r 11.2 r 9.1 r 5.8 r 42.8 r
I -3.1 r 0.8 r 4.0 1.7 r -7.0 r 4.9 r 10.4 r 22.8 r 10.2 r 11.7 r
2021 ANNUAL 3.6 r 9.0 r 5.1 r 4.7 r -0.2 r 1.0 r 4.8 r 3.8 r 1.8 r 23.3 r
2021 IV -2.5 r 5.2 r 8.0 4.2 r -4.2 r 6.9 r 7.7 r 18.6 r 10.3 r -4.7 r
III 2.6 r 7.0 r 4.2 8.7 r 1.9 r 5.9 r 3.6 r 15.2 r 8.6 r -17.9 r
II 0.6 r 6.4 r 5.8 6.9 -0.9 r 6.3 r 8.5 r -12.0 r 0.4 r 59.6 r
I 3.4 r 7.7 r 4.2 -0.5 r -4.7 r -3.8 r 5.7 r 5.6 r -1.0 r 53.3 r
---------------------------------------------------------------------------------------------------------
Percent change from corresponding quarter of previous year
2023 II 0.9 r 2.6 r 1.6 5.2 r 1.1 r 4.2 r 1.8 r 0.8 r 3.1 r -4.4 r
I 0.0 r 2.4 r 2.4 4.1 r -1.6 r 4.1 r 3.8 r 3.6 r 3.9 r 3.0 r
2022 ANNUAL -1.0 r 3.1 r 4.2 4.1 r -3.7 r 5.2 r 7.5 r 11.8 r 7.2 r 9.1 r
2022 IV -1.2 r 1.6 r 2.8 2.8 r -4.1 r 4.0 r 6.4 r 8.5 r 5.4 r 11.5 r
III -1.5 r 2.9 r 4.4 3.8 r -4.2 r 5.3 r 8.1 r 12.6 r 7.5 r 10.8 r
II -1.2 r 3.4 r 4.6 4.3 r -4.0 r 5.5 r 8.2 r 16.3 r 8.7 r 5.7 r
I -0.6 r 4.8 r 5.5 5.3 r -2.6 r 6.0 r 7.5 r 10.2 r 7.3 r 8.7 r
2021 ANNUAL 3.6 r 9.0 r 5.1 r 4.7 r -0.2 r 1.0 r 4.8 r 3.8 r 1.8 r 23.3 r
2021 IV 1.0 r 6.6 r 5.5 4.8 r -2.0 r 3.7 r 6.4 r 6.1 4.4 r 17.6 r
III 4.6 r 10.9 r 6.0 5.7 r 0.3 r 1.1 r 4.0 r 14.3 r 4.7 r 0.5 r
II 3.7 17.1 12.9 1.7 r -3.1 r -1.9 r 5.6 r 3.1 -0.5 r 48.8 r
I 5.7 r 2.4 r -3.2 6.5 r 4.4 r 0.7 r 3.3 r -5.6 r -1.3 r 37.5 r
---------------------------------------------------------------------------------------------------------
Indexes 2017=100
2023 II 110.4 r 116.8 r 105.9 r 132.2 r 106.5 r 119.8 r 121.2 r 111.1 r 116.9 r 150.0 r
I 109.8 r 116.5 r 106.1 r 129.9 r 105.4 r 118.4 r 120.3 r 111.8 r 116.2 r 147.8 r
2022 ANNUAL 109.6 r 114.6 r 104.5 r 126.7 r 105.8 r 115.5 r 118.8 r 110.0 r 113.7 r 153.2 r
2022 IV 109.3 r 115.3 r 105.4 r 127.8 r 104.6 r 116.9 r 120.3 r 111.2 r 115.0 r 155.7 r
III 109.7 r 115.3 r 105.1 r 127.7 r 105.6 r 116.4 r 120.0 r 110.6 r 114.5 r 156.6 r
II 109.3 r 113.9 r 104.2 r 125.7 r 105.4 r 115.0 r 119.0 r 110.3 r 113.4 r 156.9 r
I 109.8 r 113.7 r 103.6 r 124.9 r 107.1 r 113.8 r 115.9 r 107.9 r 111.8 r 143.5 r
2021 ANNUAL 110.8 r 111.1 r 100.3 r 121.7 r 109.8 r 109.8 r 110.5 r 98.4 r 106.1 r 140.4 r
2021 IV 110.6 r 113.5 r 102.6 r 124.3 r 109.1 r 112.4 r 113.1 r 102.5 r 109.2 r 139.6 r
III 111.3 r 112.1 r 100.7 r 123.1 r 110.3 r 110.5 r 111.0 r 98.2 r 106.5 r 141.3 r
II 110.6 r 110.2 r 99.6 r 120.6 r 109.8 r 109.0 r 110.0 r 94.8 r 104.3 r 148.4 r
I 110.5 r 108.5 r 98.2 r 118.5 r 110.0 r 107.3 r 107.8 r 97.9 r 104.2 r 132.0 r
---------------------------------------------------------------------------------------------------------
See footnotes following Table 6. November 2, 2023
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 second 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
