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Economic News Release
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Productivity and Costs News Release



Transmission of material in this release is embargoed until                                 USDL 24-2266
8:30 a.m. (ET) Thursday, November 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
                                    Third Quarter 2024, Preliminary

Nonfarm business sector labor productivity increased 2.2 percent in the third quarter of 2024, the 
U.S. Bureau of Labor Statistics reported today, as output increased 3.5 percent and hours worked 
increased 1.2 percent. (All quarterly percent changes in this release are seasonally adjusted annualized 
rates.) From the same quarter a year ago, nonfarm business sector labor productivity increased 2.0 
percent in the third quarter of 2024. (See table A1.)

Unit labor costs in the nonfarm business sector increased 1.9 percent in the third quarter of 2024, 
reflecting a 4.2-percent increase in hourly compensation and a 2.2-percent increase in productivity. Unit 
labor costs increased 3.4 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 3.0 percent in the third 
quarter of 2024, and increased 2.8 percent over the last four quarters.

========================================================================================================== 
                                        Historical Revisions
Data in this release reflect the 2024 Annual 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 26, 2024. See “Revised measures” section. 
========================================================================================================== 

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 
annualized rate of 1.8 percent, reflecting a 2.5-percent rate of growth in output and a 0.7-percent rate of 
growth in hours worked. The 1.8-percent annualized rate of productivity growth in the current business 
cycle thus far is higher than the 1.5 percent rate of the previous business cycle from the fourth quarter of 
2007 through the fourth quarter of 2019, and below the long-term rate of 2.1 percent since the first 
quarter of 1947.

Manufacturing sector labor productivity increased 1.0 percent in the third quarter of 2024, as output 
decreased 0.2 percent and hours worked decreased 1.2 percent. In the durable manufacturing sector, 
productivity increased 0.8 percent, reflecting a 2.6-percent decrease in output and a 3.4-percent decrease 
in hours worked. Nondurable manufacturing sector productivity decreased 0.3 percent, as output 
increased 2.3 percent and hours worked increased 2.6 percent. Total manufacturing sector productivity 
increased 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 5.3 percent in the third quarter of 2024, 
reflecting a 6.4-percent increase in hourly compensation and a 1.0-percent increase in productivity. 
Manufacturing unit labor costs increased 5.7 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 26, 2024, by the Bureau of Economic Analysis (BEA), U.S. Department of 
Commerce. As a result, all measures incorporating output, including labor productivity and unit labor 
costs, were revised back to 2019 for the business, nonfarm business, and nonfinancial corporate sectors. 
Source data on output and compensation released by BEA on October 30, 2024, are reflected in data for 
the third quarter of 2024. 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 2024; 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 2018 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 also subject to revision back to 2018 due to 
the incorporation of revised NIPA data on the proportion of industry compensation paid to employees of 
corporations.

Examining the period of revision from the first quarter of 2018 to the second quarter of 2024, output and 
productivity were revised up, and the nonfarm business labor productivity index now outpaces the 
previously published index. The annualized productivity growth rate during the revision period was 
revised up from a rate of 1.7 percent to a rate of 1.9 percent. These revisions are also reflected in the 0.2-
percentage point upward revision to the nonfarm business labor productivity growth rate during the 
current business cycle, from a previously published rate of 1.6 percent to a revised rate of 1.8 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 2024. Table A2 presents these 
measures for the nonfinancial corporate sector.

Nonfarm business sector productivity in the second quarter of 2024 was revised down 0.4 
percentage point to an increase of 2.1 percent. The revision comes from 0.5-percentage point and 0.1-
percentage point downward revisions to output and hours worked, respectively. Second-quarter unit 
labor costs were revised up 2.0 percentage points to an increase of 2.4 percent, reflecting a 1.6-
percentage point upward revision to hourly compensation and the 0.4-percentage point downward 
revision to productivity. Real hourly compensation in the second quarter of 2024 was also revised 
upward by 1.6 percentage points, to an increase of 1.7 percent. (See table B1.)

Manufacturing sector productivity was revised down 1.0 percentage point to an increase of 0.3 
percent in the second quarter of 2024, reflecting a 0.9-percentage point downward revision to output 
and a 0.1-percentage point upward revision to hours worked. Productivity was revised down 1.2 
percentage points in the durable manufacturing sector and revised down 0.6 percentage point in the 
nondurable manufacturing sector. In the second quarter of 2024, total manufacturing unit labor costs 
increased 5.8 percent rather than 3.6 percent as previously reported, reflecting a 1.3-percentage point 
upward revision to hourly compensation as well as the 1.0-percentage point downward revision to 
productivity. (See table B1.)

Nonfinancial corporate sector productivity increased 3.1 percent in the second quarter of 2024, rather 
than the previously published estimate of a 0.3-percent decrease. This revision results from a 3.3-
percentage point upward revision to output and a 0.1-percentage point downward revision to hours 
worked. Unit labor costs in the nonfinancial corporate sector were revised down 1.8 percentage points to 
an increase of 1.3 percent in the second quarter of 2024, as hourly compensation was revised up 1.7 
percentage points and productivity was revised up 3.4 percentage points. (See table A2.) Historical 
revisions to output and hours in the nonfinancial corporate sector resulted in a 0.5-percentage point 
upward revision to the annualized labor productivity growth rate during the current business cycle to 2.4 
percent, just above the long-term rate of 2.3 percent since the start of 1947.


Annual averages

Table C1 presents annual data for the nonfarm business, total manufacturing, and nonfinancial corporate 
sectors from 2021 to 2023. Annual average percent changes compare average annual indexes from one 
year to the next.

Annual average productivity in the nonfarm business sector was revised up along with output in each 
of the last 3 years. Productivity was revised up 0.2 percentage point to a 1.6-percent increase in 2023, 
was revised up 0.4 percentage point to a decrease of 1.5 percent in 2022 and was revised up 0.3 
percentage point to an increase of 2.0 percent in 2021. Unit labor costs were revised down 0.6 
percentage point in both 2023 and 2022 and were revised down 0.2 percentage point in 2021. (See table 
C1.)

From 2021 to 2023, annual average manufacturing sector productivity, output, and hours worked were 
not revised. In both 2023 and 2022, unit labor costs were revised down 0.4 percentage point, and were 
revised up 0.2 percentage point in 2021. (See table C1.)

In the nonfinancial corporate sector, productivity was revised down 1.4 percentage points to a 0.0 
percent change in 2023. This stemmed from a 1.3-percentage point downward revision to output, and a 
0.1-percentage point downward revision to hours worked. Unit labor costs were revised up 0.8 
percentage point to an increase of 4.1 percent, reflecting a 0.6-percentage point downward revision to 
hourly compensation and the 1.4 percentage point downward revision to productivity. In both 2022 and 
2021, nonfinancial corporate sector labor productivity was revised up by 0.9 percentage point and 0.7 
percentage point, respectively, reflecting upward revisions to output. (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 2024 is scheduled to be released 
on Tuesday, December 10, 2024, at 8:30 a.m. (ET).



=========================================================================================================================
Table A1. Labor productivity growth and related measures – preliminary third-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            2.2         3.5      1.2         4.2           3.0          1.9
                        A year ago                  2.0         2.8      0.7         5.5           2.8          3.4
                        
Business                Previous quarter            1.7         3.2      1.6         3.8           2.6          2.1
                        A year ago                  2.0         2.8      0.8         5.4           2.7          3.4
                        
Manufacturing           Previous quarter            1.0        -0.2     -1.2         6.4           5.1          5.3
                        A Year ago                  0.7        -0.2     -0.9         6.4           3.6          5.7

 Durable                Previous quarter            0.8        -2.6     -3.4         7.4           6.1          6.5
 manufacturing          A year ago                  0.2        -1.3     -1.5         7.3           4.6          7.1

 Nondurable             Previous quarter           -0.3         2.3      2.6         5.0           3.7          5.3
 manufacturing          A year ago                  0.8         0.8      0.1         4.7           2.0          3.9
=========================================================================================================================


=========================================================================================================================
Table A2. Labor productivity growth and related measures – revised and previously published second-quarter 2024 
(percent change from previous quarter at annual rate)


                                                Labor                   Hours    Hourly         Real hourly    Unit labor
Sector                                          productivity   Output   worked   compensation   compensation   costs
-------------------------------------------------------------------------------------------------------------------------       
Nonfinancial             Revised                    3.1         4.7     1.5            4.5           1.7         1.3
corporate          Previously published            -0.3         1.4     1.6            2.8           0.0         3.1
=========================================================================================================================


=========================================================================================================================
Table B1. Labor productivity growth and related measures – revised and previously published second-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                     2.1         3.0       0.9           4.6          1.7        2.4
                   Previously published             2.5         3.5       1.0           3.0          0.1        0.4
                        
Business                Revised                     2.2         3.3       1.0           4.5          1.6        2.2
                   Previously published             2.2         3.4       1.1           2.9          0.0        0.6
                        
Manufacturing           Revised                     0.3         1.5       1.2           6.2          3.3        5.8
                   Previously published             1.3         2.4       1.1           4.9          2.0        3.6
                                                                       
 Durable                Revised                    -0.8         0.6       1.4           5.5          2.6        6.4
 manufacturing     Previously published             0.4         1.7       1.3           4.4          1.6        4.0
                        
 Nondurable             Revised                     1.7         2.5       0.8           7.5          4.6        5.7
 manufacturing     Previously published             2.3         3.2       0.9           5.9          2.9        3.5
=========================================================================================================================


=========================================================================================================================
Table C1. Labor productivity growth and related measures – revised and previous annual average changes: 2021-2023


                                                Labor                   Hours    Hourly         Real hourly    Unit labor
Sector           Year                           productivity   Output   worked   compensation   compensation   costs
-------------------------------------------------------------------------------------------------------------------------
Nonfarm          2023           Revised             1.6         2.9       1.2         3.9           -0.2         2.2
business                 Previously published       1.4         2.6       1.2         4.2            0.1         2.8
                         
                                
                 2022           Revised            -1.5         2.5       4.1         3.5           -4.2         5.1
                         Previously published      -1.9         2.1       4.0         3.7           -4.1         5.7
                         

                 2021           Revised             2.0         7.6       5.4         5.1            0.2         3.0
                         Previously published       1.7         7.2       5.5         4.9            0.1         3.2
                         
                                
Nonfinancial     2023           Revised             0.0         1.5       1.4         4.1            0.0         4.1
corporate                Previously published       1.4         2.8       1.5         4.7            0.5         3.3
                         
                        
                 2022           Revised            -0.1         4.1       4.2         4.1           -3.7         4.1
                         Previously published      -1.0         3.1       4.2         4.1           -3.7         5.2
                         

                 2021           Revised             4.4         9.7       5.1         4.9            0.1         0.5
                         Previously published       3.7         9.0       5.1         4.7           -0.1         1.0
                         
                               
Manufacturing    2023           Revised            -0.5        -0.4       0.1         4.5            0.4         5.1
                        Previously published       -0.5        -0.4       0.1         4.9            0.8         5.5
                         

                 2022          Revised             -1.3         2.7       4.0         3.2           -4.5         4.6
                        Previously published       -1.3         2.7       4.0         3.6           -4.2         5.0
                        
                        
                 2021           Revised             1.6         4.9       3.2         2.6           -2.2         0.9
                         Previously published       1.6         4.9       3.2         2.3           -2.4         0.7
=========================================================================================================================



					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 III       1.7         3.2        1.6        3.8        2.6        2.1       -0.2        1.1  
     II        2.2         3.3 r      1.0 r      4.5 r      1.6 r      2.2 r      2.2 r      2.2 r
     I         0.9 r       1.4 r      0.5        9.3 r      5.3 r      8.4 r     -4.7 r      2.2 r

2023 ANNUAL    1.7 r       2.9 r      1.2        3.9 r     -0.2 r      2.2 r      4.9 r      3.4 r

2023 IV        3.3 r       3.4 r      0.1        4.3 r      1.5 r      1.0 r      0.6 r      0.8 r
     III       3.7 r       4.9 r      1.1        5.1 r      1.5 r      1.3 r      4.6 r      2.8  
     II        3.6 r       2.5 r     -1.0        6.0 r      2.9 r      2.3 r      0.2 r      1.3 r
     I         0.2 r       2.5 r      2.2        3.8 r      0.0 r      3.5 r      3.8 r      3.7 r

2022 ANNUAL   -1.4 r       2.5 r      3.9        3.7 r     -4.1 r      5.2 r     11.6 r      8.0 r

2022 IV        3.2 r       3.7 r      0.4        0.8 r     -3.2 r     -2.4 r     11.4 r      3.6 r
     III      -0.1 r       2.6 r      2.7        7.2 r      1.8 r      7.3 r      0.7 r      4.3 r
     II       -2.7 r      -0.4 r      2.4        1.0 r     -8.3 r      3.9 r     20.1 r     10.9 r
     I        -5.4 r      -2.1 r      3.5 r      1.4 r     -7.2 r      7.2 r     13.0 r      9.7 r
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2024 III       2.0         2.8        0.8        5.4        2.7        3.4       -0.5        1.6  
     II        2.5 r       3.2 r      0.7        5.8 r      2.5 r      3.2 r      0.6 r      2.0 r
     I         2.9         3.0 r      0.2        6.1 r      2.8 r      3.2 r      0.1 r      1.8 r

2023 ANNUAL    1.7 r       2.9 r      1.2        3.9 r     -0.2 r      2.2 r      4.9 r      3.4 r

2023 IV        2.7         3.3        0.6        4.8 r      1.5 r      2.0 r      2.3 r      2.1 r
     III       2.7 r       3.4 r      0.7        3.9 r      0.3 r      1.2 r      4.9 r      2.9 r
     II        1.7 r       2.8 r      1.1        4.4 r      0.4 r      2.6 r      3.9 r      3.2 r
     I         0.1 r       2.1 r      1.9        3.2 r     -2.5 r      3.0 r      8.8 r      5.6 r

2022 ANNUAL   -1.4 r       2.5 r      3.9        3.7 r     -4.1 r      5.2 r     11.6 r      8.0 r

2022 IV       -1.3 r       0.9 r      2.3 r      2.5 r     -4.3        3.9 r     11.1 r      7.1 r
     III      -1.4 r       2.2 r      3.6        3.9 r     -4.1 r      5.3 r     11.9 r      8.2 r
     II       -1.8 r       2.4 r      4.4 r      3.5 r     -4.7 r      5.5 r     13.1 r      8.8 r
     I        -1.0 r       4.4 r      5.5        5.0 r     -2.9 r      6.1 r     10.3 r      7.9 r
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2024 III     114.6       121.5      106.1      139.8      108.7      122.0      127.1      124.2  
     II      114.1 r     120.6 r    105.7 r    138.5 r    108.0 r    121.3 r    127.1 r    123.9 r
     I       113.5 r     119.6 r    105.4 r    137.0 r    107.6 r    120.7 r    126.4 r    123.2 r

2023 ANNUAL  111.7 r     117.6 r    105.2 r    131.5 r    105.5 r    117.7 r    127.1 r    121.8 r

2023 IV      113.3 r     119.2 r    105.3 r    133.9 r    106.2 r    118.3 r    128.0 r    122.5 r
     III     112.4 r     118.2 r    105.2 r    132.6 r    105.8 r    118.0 r    127.8 r    122.3 r
     II      111.3 r     116.8 r    104.9 r    130.9 r    105.4 r    117.6 r    126.3 r    121.4 r
     I       110.3 r     116.1 r    105.2 r    129.0 r    104.7 r    116.9 r    126.3 r    121.0 r

2022 ANNUAL  109.9 r     114.3 r    104.0 r    126.5 r    105.7 r    115.2 r    121.1 r    117.8 r

2022 IV      110.3 r     115.4 r    104.6 r    127.8 r    104.7 r    115.9 r    125.1 r    119.9 r
     III     109.4 r     114.3 r    104.5 r    127.6 r    105.5 r    116.6 r    121.7 r    118.9 r
     II      109.4 r     113.6 r    103.8 r    125.4 r    105.1 r    114.6 r    121.5 r    117.6 r
     I       110.2 r     113.7 r    103.2 r    125.1 r    107.3 r    113.5 r    116.1 r    114.6 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                   November 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)

2024 III       2.2         3.5        1.2        4.2        3.0        1.9       -0.4        0.9  
     II        2.1 r       3.0 r      0.9 r      4.6 r      1.7 r      2.4 r      2.2 r      2.3 r
     I         0.7 r       1.3 r      0.6        9.3 r      5.3 r      8.5 r     -4.3 r      2.6 r

2023 ANNUAL    1.6 r       2.9 r      1.2        3.9 r     -0.2 r      2.2 r      5.3 r      3.6 r

2023 IV        3.1 r       3.4 r      0.2        4.1 r      1.4 r      0.9 r      1.7 r      1.3 r
     III       3.8 r       5.0 r      1.1        5.1 r      1.6 r      1.2 r      5.2 r      3.0  
     II        3.7 r       2.4 r     -1.3        6.4 r      3.3 r      2.6 r      1.1 r      1.9 r
     I         0.3 r       2.5 r      2.1        3.8 r      0.1 r      3.5 r      4.5 r      4.0 r

2022 ANNUAL   -1.5 r       2.5 r      4.1 r      3.5 r     -4.2 r      5.1 r     11.2 r      7.7 r

2022 IV        2.9 r       3.7 r      0.8        0.4 r     -3.5 r     -2.4 r     11.4 r      3.5  
     III      -0.2 r       2.6 r      2.8        7.2 r      1.8 r      7.4 r      0.3 r      4.2 r
     II       -3.0 r      -0.3 r      2.7        0.7 r     -8.6 r      3.7 r     19.2 r     10.3 r
     I        -5.0 r      -2.0 r      3.2 r      1.5 r     -7.1 r      6.9 r     12.1 r      9.1 r
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2024 III       2.0         2.8        0.7        5.5        2.8        3.4       -0.3        1.7  
     II        2.4 r       3.2 r      0.7        5.7 r      2.5 r      3.2 r      1.1 r      2.3  
     I         2.8 r       3.0 r      0.2        6.2 r      2.9 r      3.3 r      0.9 r      2.2 r

2023 ANNUAL    1.6 r       2.9 r      1.2        3.9 r     -0.2 r      2.2 r      5.3 r      3.6 r

2023 IV        2.7         3.3        0.6        4.8 r      1.6 r      2.1 r      3.1 r      2.5 r
     III       2.7 r       3.4 r      0.7        3.9 r      0.3 r      1.2 r      5.5 r      3.1 r
     II        1.7 r       2.8 r      1.1        4.4 r      0.4 r      2.7 r      4.3 r      3.4 r
     I         0.0 r       2.1 r      2.1        3.0 r     -2.7 r      3.0 r      8.6 r      5.5 r

2022 ANNUAL   -1.5 r       2.5 r      4.1 r      3.5 r     -4.2 r      5.1 r     11.2 r      7.7 r

2022 IV       -1.4 r       1.0 r      2.4 r      2.4 r     -4.4        3.8 r     10.5 r      6.8 r
     III      -1.4 r       2.3 r      3.7        3.8 r     -4.2 r      5.2 r     11.7 r      8.0 r
     II       -2.0 r       2.5 r      4.5        3.3 r     -4.9 r      5.4 r     12.9 r      8.6 r
     I        -1.2 r       4.4 r      5.7 r      4.8 r     -3.1 r      6.0 r      9.8 r      7.6 r
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2024 III     114.5       121.6      106.3      139.6      108.6      122.0      127.0      124.2  
     II      113.8 r     120.6 r    105.9 r    138.2 r    107.8 r    121.4 r    127.2 r    123.9 r
     I       113.3 r     119.7 r    105.7 r    136.7 r    107.4 r    120.7 r    126.5 r    123.2 r

2023 ANNUAL  111.5 r     117.7 r    105.5 r    131.3 r    105.3 r    117.7 r    126.6 r    121.6 r

2023 IV      113.1 r     119.3 r    105.5 r    133.7 r    106.0 r    118.2 r    127.9 r    122.4 r
     III     112.2 r     118.3 r    105.5 r    132.3 r    105.7 r    118.0 r    127.4 r    122.1 r
     II      111.1 r     116.9 r    105.2 r    130.7 r    105.3 r    117.6 r    125.8 r    121.2 r
     I       110.1 r     116.2 r    105.5 r    128.7 r    104.4 r    116.9 r    125.4 r    120.6 r

2022 ANNUAL  109.7 r     114.4 r    104.2 r    126.3 r    105.5 r    115.1 r    120.2 r    117.3 r

2022 IV      110.0 r     115.5 r    105.0 r    127.5 r    104.4 r    115.9 r    124.0 r    119.4 r
     III     109.3 r     114.5 r    104.7 r    127.4 r    105.3 r    116.6 r    120.7 r    118.4 r
     II      109.3 r     113.7 r    104.0 r    125.2 r    104.9 r    114.5 r    120.6 r    117.2 r
     I       110.1 r     113.8 r    103.3 r    125.0 r    107.3 r    113.5 r    115.4 r    114.3 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                   November 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)

2024 III           1.0           -0.2           -1.2            6.4            5.1            5.3  
     II            0.3 r          1.5 r          1.2 r          6.2 r          3.3 r          5.8 r
     I            -0.7           -0.9           -0.2            6.2 r          2.3 r          7.0 r

2023 ANNUAL       -0.5           -0.4            0.1            4.5 r          0.4 r          5.1 r

2023 IV            2.0           -1.3           -3.3            6.7 r          3.9 r          4.6 r
     III          -1.0           -0.4            0.6            6.1 r          2.6 r          7.2 r
     II            2.7            0.3           -2.4            8.8 r          5.6 r          5.9 r
     I            -0.3            0.5            0.8            2.6 r         -1.1 r          2.9 r

2022 ANNUAL       -1.3            2.7            4.0            3.2 r         -4.5 r          4.6 r

2022 IV           -2.3           -3.2           -0.9            1.1 r         -2.8            3.4 r
     III          -3.3            0.2            3.7            7.4 r          1.9 r         11.0 r
     II            0.6            2.7            2.1            1.9 r         -7.4 r          1.3 r
     I            -2.8            2.7            5.6            1.3 r         -7.3 r          4.2 r
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2024 III           0.7           -0.2           -0.9            6.4            3.6            5.7  
     II            0.2 r         -0.3 r         -0.4            6.3 r          3.0 r          6.1 r
     I             0.7           -0.6           -1.3            6.9 r          3.6 r          6.2 r

2023 ANNUAL       -0.5           -0.4            0.1            4.5 r          0.4 r          5.1 r

2023 IV            0.9           -0.3           -1.1            6.0 r          2.7 r          5.1 r
     III          -0.2           -0.7           -0.5            4.6 r          1.0 r          4.8 r
     II           -0.8           -0.6            0.3            4.9 r          0.9 r          5.8 r
     I            -1.3            0.0            1.4            3.2 r         -2.4 r          4.6 r

2022 ANNUAL       -1.3            2.7            4.0            3.2 r         -4.5 r          4.6 r

2022 IV           -1.9            0.6            2.6            2.9 r         -4.0 r          4.9 r
     III          -1.7            2.7            4.5            4.5 r         -3.6 r          6.3 r
     II           -1.4            3.3            4.8            2.3 r         -5.9 r          3.7 r
     I            -0.4            4.2            4.5            3.2 r         -4.6 r          3.5 r
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2024 III          98.8           99.6          100.8          132.9          103.4          134.5  
     II           98.6 r         99.7 r        101.1 r        130.9 r        102.1 r        132.8 r
     I            98.5 r         99.3 r        100.8          128.9 r        101.3 r        130.9 r

2023 ANNUAL       98.2           99.8          101.6          123.9 r         99.3 r        126.1 r

2023 IV           98.7           99.5          100.9          127.0 r        100.7 r        128.7 r
     III          98.2           99.8          101.7          124.9 r         99.8 r        127.3 r
     II           98.4           99.9          101.6          123.1 r         99.1 r        125.1 r
     I            97.8           99.9          102.2          120.5 r         97.8 r        123.3 r

2022 ANNUAL       98.8          100.2          101.4          118.5 r         98.9 r        120.0 r

2022 IV           97.8           99.7          102.0          119.8 r         98.1 r        122.4 r
     III          98.4          100.6          102.2          119.4 r         98.8 r        121.4 r
     II           99.2          100.5          101.3          117.3 r         98.3 r        118.3 r
     I            99.1           99.8          100.8          116.8 r        100.2 r        117.9 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                   November 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)

2024 III           0.8           -2.6           -3.4            7.4            6.1            6.5  
     II           -0.8 r          0.6 r          1.4 r          5.5 r          2.6 r          6.4 r
     I             0.8 r          0.0 r         -0.8            8.0 r          4.0 r          7.1 r

2023 ANNUAL       -1.1            0.2            1.3            4.5 r          0.3 r          5.6 r

2023 IV            0.0           -3.0           -3.0            8.5 r          5.6 r          8.5 r
     III          -3.5           -0.1            3.5            4.4 r          0.9 r          8.2 r
     II            4.4            1.8           -2.5           10.6 r          7.3 r          5.9 r
     I            -2.4           -0.4            2.1            2.7 r         -1.1 r          5.2 r

2022 ANNUAL       -1.3            3.3            4.7            2.3 r         -5.4 r          3.6 r

2022 IV           -2.2           -2.4           -0.1           -0.4 r         -4.3 r          1.9 r
     III          -3.1            1.9            5.1            7.3            1.9           10.7  
     II            2.2            5.4            3.2            2.5 r         -6.9 r          0.3 r
     I            -2.9            4.4            7.6           -1.0 r         -9.4 r          1.9 r
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2024 III           0.2           -1.3           -1.5            7.3            4.6            7.1  
     II           -0.9 r         -0.6 r          0.3 r          6.6 r          3.3 r          7.5 r
     I             0.4           -0.3 r         -0.7            7.8 r          4.4 r          7.4 r

2023 ANNUAL       -1.1            0.2            1.3            4.5 r          0.3 r          5.6 r

2023 IV           -0.4           -0.4            0.0            6.5 r          3.1 r          6.9 r
     III          -1.0           -0.3            0.7            4.2 r          0.6 r          5.3 r
     II           -0.9            0.2            1.1            4.9 r          0.9 r          5.9 r
     I            -1.4            1.1            2.5            3.0 r         -2.7 r          4.5 r

2022 ANNUAL       -1.3            3.3            4.7            2.3 r         -5.4 r          3.6 r

2022 IV           -1.5            2.3            3.9            2.0 r         -4.8 r          3.6 r
     III          -0.9            4.3            5.3            4.3 r         -3.7 r          5.2 r
     II           -0.7            4.5            5.2            0.6 r         -7.4 r          1.3 r
     I            -2.2            2.3            4.5            2.1 r         -5.6 r          4.3 r
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2024 III          95.9           96.9          101.0          133.6          103.9          139.3  
     II           95.7 r         97.5 r        101.9 r        131.2 r        102.4 r        137.1 r
     I            95.9 r         97.4 r        101.5          129.5 r        101.7 r        135.0 r

2023 ANNUAL       95.9           97.8          102.1          123.6 r         99.1 r        129.0 r

2023 IV           95.7           97.4          101.8          127.0 r        100.7 r        132.7 r
     III          95.7           98.1          102.5          124.5 r         99.4 r        130.0 r
     II           96.6           98.1          101.6          123.1 r         99.2 r        127.5 r
     I            95.5           97.7          102.3          120.1 r         97.4 r        125.7 r

2022 ANNUAL       96.9           97.7          100.8          118.3 r         98.8 r        122.1 r

2022 IV           96.1           97.8          101.7          119.3 r         97.7 r        124.1 r
     III          96.7           98.4          101.8          119.4 r         98.7 r        123.5 r
     II           97.4           97.9          100.5          117.3 r         98.3 r        120.4 r
     I            96.9           96.7           99.7          116.6 r        100.1 r        120.3 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                   November 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)

2024 III          -0.3            2.3            2.6            5.0            3.7            5.3  
     II            1.7 r          2.5 r          0.8 r          7.5 r          4.6 r          5.7 r
     I            -2.7           -1.7 r          1.0            3.0 r         -0.8 r          5.8 r

2023 ANNUAL        0.8           -0.9           -1.7            4.4 r          0.2 r          3.5 r

2023 IV            4.5            0.3           -4.0            3.3 r          0.6 r         -1.1 r
     III           3.6           -0.7           -4.1            8.7 r          5.1 r          5.0 r
     II            1.0           -1.2           -2.3            5.4 r          2.3 r          4.3 r
     I             2.9            1.3           -1.5            2.2 r         -1.5 r         -0.6 r

2022 ANNUAL       -1.3            1.6            3.0            4.9 r         -2.9 r          6.3 r

2022 IV           -1.7           -4.0           -2.3            3.8 r         -0.2 r          5.6 r
     III          -2.7           -1.4            1.3            7.2 r          1.8 r         10.1 r
     II           -0.3            0.0            0.3            0.6 r         -8.6 r          0.9 r
     I            -1.5            0.8            2.4            5.4 r         -3.5 r          7.0 r
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2024 III           0.8            0.8            0.1            4.7            2.0            3.9  
     II            1.7 r          0.1 r         -1.6            5.6 r          2.3 r          3.8 r
     I             1.6           -0.8           -2.4            5.1 r          1.8 r          3.5 r

2023 ANNUAL        0.8           -0.9           -1.7            4.4 r          0.2 r          3.5 r

2023 IV            3.0           -0.1           -3.0            4.9 r          1.6 r          1.8 r
     III           1.4           -1.2           -2.5            5.0 r          1.4 r          3.5 r
     II           -0.2           -1.3           -1.2            4.6 r          0.6 r          4.8 r
     I            -0.5           -1.0           -0.5            3.4 r         -2.2 r          3.9 r

2022 ANNUAL       -1.3            1.6            3.0            4.9 r         -2.9 r          6.3 r

2022 IV           -1.6           -1.1            0.4            4.2 r         -2.7 r          5.9 r
     III          -2.3            0.9            3.3            4.6 r         -3.4 r          7.1 r
     II           -2.2            1.7            4.0            5.4 r         -3.0 r          7.8 r
     I             0.6            5.2            4.5            5.3 r         -2.7 r          4.6 r
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2024 III         100.8          101.2          100.4          131.5          102.3          130.4  
     II          100.9 r        100.7 r         99.8 r        129.9 r        101.4 r        128.8 r
     I           100.5 r        100.0 r         99.6          127.6 r        100.2 r        127.0 r

2023 ANNUAL       99.9          100.6          100.7          124.2 r         99.6 r        124.4 r

2023 IV          101.2          100.5           99.3          126.6 r        100.4 r        125.2 r
     III         100.0          100.4          100.3          125.6 r        100.3 r        125.6 r
     II           99.2          100.6          101.4          123.0 r         99.1 r        124.0 r
     I            98.9          100.9          102.0          121.4 r         98.5 r        122.7 r

2022 ANNUAL       99.1          101.5          102.5          119.0 r         99.4 r        120.2 r

2022 IV           98.2          100.5          102.4          120.7 r         98.9 r        122.9 r
     III          98.7          101.6          103.0          119.6 r         98.9 r        121.3 r
     II           99.3          101.9          102.6          117.6 r         98.5 r        118.4 r
     I            99.4          101.9          102.5          117.4 r        100.7 r        118.1 r
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                   November 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)

2024 II        3.1 r     4.7 r    1.5 r     4.5 r     1.7 r     1.3 r    1.4     -5.7 r   -0.9 r   12.7 r
     I         5.7 r     6.4 r    0.6      11.6 r     7.5 r     5.5 r    0.0      6.0 r    5.7 r  -22.2 r

2023 ANNUAL    0.0 r     1.5 r    1.4 r     4.1 r     0.0 r     4.1 r    3.5 r   -0.3 r    2.7 r    7.3 r

2023 IV        5.8 r     6.0 r    0.2       4.1 r     1.4 r    -1.6 r    1.3 r   -2.0 r   -1.7 r   15.9 r
     III       2.1 r     2.9 r    0.8       4.1 r     0.7 r     2.0 r    3.5 r   -1.6 r    0.9 r   16.9 r
     II        3.1 r     2.5 r   -0.6 r     5.9 r     2.8 r     2.7 r    1.9 r   -2.5 r    1.1 r    6.0  
     I        -3.0 r    -0.6 r    2.4       5.7 r     1.8 r     8.9 r    4.2 r   -1.5 r    5.5 r   -1.6 r

2022 ANNUAL   -0.1 r     4.1 r    4.2       4.1      -3.7       4.1 r    7.4 r   15.1 r    7.4 r    7.1 r

2022 IV       -2.0 r    -1.4 r    0.6       0.2 r    -3.7 r     2.2 r    2.3 r    1.7 r    2.0 r    3.7 r
     III       0.9 r     4.6 r    3.7       6.1 r     0.8 r     5.2      4.1 r    0.2 r    3.5 r    6.9 r
     II       -1.0 r     1.9 r    2.9       1.8 r    -7.6 r     2.9 r    9.9 r    9.3 r    4.9 r   38.1 r
     I         0.8 r     3.9 r    3.0       2.8 r    -5.9 r     2.0 r    8.8 r   33.7 r   10.9 r   -1.1 r
---------------------------------------------------------------------------------------------------------
                       Percent change from corresponding quarter of previous year

2024 II        4.2 r     5.0 r    0.8       6.0 r     2.8 r     1.8 r    1.6 r   -0.9 r    0.9 r    4.4 r
     I         4.2 r     4.5 r    0.3       6.4 r     3.1 r     2.1 r    1.7 r   -0.1 r    1.4 r    2.8 r

2023 ANNUAL    0.0 r     1.5 r    1.4 r     4.1 r     0.0 r     4.1 r    3.5 r   -0.3 r    2.7 r    7.3 r

2023 IV        2.0 r     2.7 r    0.7       5.0       1.7       2.9 r    2.7 r   -1.9 r    1.4 r    9.0 r
     III       0.0 r     0.8 r    0.8       3.9 r     0.4 r     3.9 r    3.0 r   -1.0 r    2.3 r    6.0 r
     II       -0.3 r     1.2 r    1.5       4.4 r     0.4 r     4.7 r    3.1 r   -0.6 r    3.0 r    3.7 r
     I        -1.3 r     1.1 r    2.4       3.4 r    -2.2 r     4.8 r    5.1 r    2.3 r    4.0 r   10.8 r

2022 ANNUAL   -0.1 r     4.1 r    4.2       4.1      -3.7       4.1 r    7.4 r   15.1 r    7.4 r    7.1 r

2022 IV       -0.3 r     2.2 r    2.5       2.7 r    -4.2 r     3.0 r    6.2 r   10.5 r    5.3 r   10.9 r
     III      -0.2 r     4.1 r    4.3       3.8 r    -4.2 r     4.0 r    7.5 r   15.3 r    7.3 r    8.5 r
     II       -0.3 r     4.3 r    4.5       4.4 r    -3.9 r     4.7 r    8.2     20.8 r    9.4 r    3.2 r
     I         0.5 r     6.0 r    5.4       5.6 r    -2.4 r     5.0 r    7.6 r   14.5 r    7.8 r    6.1 r
---------------------------------------------------------------------------------------------------------
                                            Indexes 2017=100

2024 II      115.9 r   123.5 r  106.6 r   139.6 r   108.9 r   120.5 r  123.9 r  108.9 r  116.7 r  172.4 r
     I       115.0 r   122.1 r  106.2 r   138.1 r   108.5 r   120.0 r  123.5 r  110.5 r  116.9 r  167.3 r

2023 ANNUAL  111.7 r   118.3 r  106.0 r   132.1 r   105.9 r   118.3 r  122.5 r  109.7 r  115.5 r  169.5 r

2023 IV      113.4 r   120.2 r  106.0 r   134.3 r   106.6 r   118.4 r  123.5 r  108.9 r  115.3 r  178.2 r
     III     111.8 r   118.5 r  106.0 r   133.0 r   106.2 r   118.9 r  123.1 r  109.5 r  115.8 r  171.7 r
     II      111.3 r   117.6 r  105.7 r   131.7 r   106.0 r   118.3 r  122.0 r  109.9 r  115.6 r  165.1 r
     I       110.4 r   116.9 r  105.9 r   129.8 r   105.3 r   117.5 r  121.4 r  110.6 r  115.3 r  162.7 r

2022 ANNUAL  111.7 r   116.6 r  104.5 r   126.9 r   106.0 r   113.7 r  118.4 r  110.1 r  112.5 r  157.9 r

2022 IV      111.3 r   117.1 r  105.3 r   128.0 r   104.8 r   115.1 r  120.2 r  111.1 r  113.8 r  163.4 r
     III     111.8 r   117.5 r  105.1 r   128.0 r   105.8 r   114.4 r  119.5 r  110.6 r  113.2 r  161.9 r
     II      111.6 r   116.2 r  104.2 r   126.1 r   105.6 r   113.0 r  118.3 r  110.5 r  112.2 r  159.2 r
     I       111.8 r   115.7 r  103.4 r   125.5 r   107.7 r   112.2 r  115.5 r  108.1 r  110.9 r  146.9 r
---------------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                         November 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 +1.4 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 second quarter of 2024. 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.

Last Modified Date: November 07, 2024