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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)

2023 ANNUAL    1.2         2.6        1.3        4.2        0.1        2.9        4.0        3.4  

2023 IV        3.2         3.7        0.4        3.7        0.9        0.5        1.3        0.9  
     III       4.9 r       5.8 r      0.9        3.8 r      0.2 r     -1.1 r      8.3 r      3.0 r
     II        3.6         2.0       -1.5        6.2        3.4        2.6       -0.1        1.4  
     I        -0.8         1.8        2.6        6.5        2.7        7.4       -0.3        3.9  

2022 ANNUAL   -1.9         2.1        4.0        3.7       -4.1        5.6       10.1        7.5  

2022 IV        1.6         2.8        1.3       -0.5       -4.5       -2.0       11.0        3.5  
     III       0.4         2.8        2.4        7.1        1.4        6.6        0.6        3.9  
     II       -3.6        -1.1        2.6        1.5       -7.6        5.3       16.1        9.9  
     I        -6.3        -2.8        3.7        1.1       -7.5        8.0       10.3        9.0  

2021 ANNUAL    1.7         7.2        5.5        4.9        0.0        3.1        7.2        4.8  

2021 IV        2.8         8.9        5.9        6.0       -2.6        3.1       15.8        8.4  
     III      -2.4         3.4        5.9        5.6       -0.9        8.2        4.2        6.4  
     II        0.8         7.3        6.4        7.0       -0.8        6.1        6.5        6.3  
     I         1.6         6.5        4.9       -0.4       -4.6       -2.0       19.3        6.5  
---------------------------------------------------------------------------------------------------
                    Percent change from corresponding quarter of previous year

2023 ANNUAL    1.2         2.6        1.3        4.2        0.1        2.9        4.0        3.4  

2023 IV        2.7         3.3        0.6        5.0        1.8        2.3        2.2        2.3  
     III       2.3 r       3.1 r      0.8        4.0        0.4        1.7 r      4.6 r      2.9 r
     II        1.2         2.4        1.2        4.8        0.7        3.6        2.7        3.2  
     I        -0.6         1.6        2.2        3.6       -2.1        4.2        6.6        5.3  

2022 ANNUAL   -1.9         2.1        4.0        3.7       -4.1        5.6       10.1        7.5  

2022 IV       -2.0         0.4        2.5        2.3       -4.6        4.4        9.4        6.5  
     III      -1.7         1.8        3.6        3.9       -4.1        5.7       10.5        7.8  
     II       -2.4         2.0        4.5        3.5       -4.7        6.1       11.5        8.4  
     I        -1.3         4.1        5.5        4.9       -3.0        6.3        9.1        7.5  

2021 ANNUAL    1.7         7.2        5.5        4.9        0.0        3.1        7.2        4.8  

2021 IV        0.7         6.5        5.8        4.5       -2.2        3.8       11.3        6.9  
     III      -0.8         5.7        6.5        5.6        0.2        6.5        3.9        5.4  
     II        1.1        15.1       13.8        2.5       -2.3        1.4        9.8        4.8  
     I         5.8         2.4       -3.2        6.6        4.5        0.8        4.1        2.2  
---------------------------------------------------------------------------------------------------
                                         Indexes 2017=100

2023 ANNUAL  110.2       116.2      105.5      131.5      105.5      119.4      123.5      121.2  

2023 IV      111.8       117.9      105.5      133.6      106.0      119.6      125.0      121.9  
     III     110.9 r     116.9 r    105.4 r    132.4 r    105.7 r    119.4 r    124.5 r    121.6 r
     II      109.6       115.3      105.2      131.2      105.7      119.7      122.1      120.8  
     I       108.6       114.7      105.6      129.2      104.8      119.0      122.1      120.3  

2022 ANNUAL  108.8       113.3      104.1      126.3      105.4      116.0      118.7      117.2  

2022 IV      108.8       114.2      104.9      127.2      104.1      116.9      122.2      119.2  
     III     108.4       113.4      104.6      127.4      105.3      117.5      119.1      118.2  
     II      108.3       112.6      104.0      125.2      105.0      115.6      118.9      117.0  
     I       109.3       112.9      103.3      124.8      107.0      114.1      114.5      114.3  

2021 ANNUAL  110.9       111.0      100.1      121.8      109.9      109.9      107.8      109.0  

2021 IV      111.1       113.7      102.4      124.4      109.1      112.0      111.8      111.9  
     III     110.3       111.4      100.9      122.6      109.9      111.1      107.7      109.6  
     II      111.0       110.4       99.5      120.9      110.1      109.0      106.6      107.9  
     I       110.8       108.5       98.0      118.9      110.4      107.3      105.0      106.3  
---------------------------------------------------------------------------------------------------
See footnotes following Table 6.                                                   February 1, 2024
r=revised                                                        Source: Bureau of Labor Statistics
Last Modified Date: February 01, 2024