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Economic News Release
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Table 2. Nonfarm business sector: Labor productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted



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
Last Modified Date: November 07, 2024