Unit labor costs in the nonfarm business sector increased at an annual rate of 2.1 percent (seasonally adjusted) in the second quarter of 2001, after rising 5.0 percent one quarter earlier.
The 2.1-percent rise in unit labor costs in the second quarter was the result of a 4.7-percent increase in hourly compensation and a 2.5-percent increase in labor productivity.
Unit labor costs—the cost of the labor input required to produce one unit of output—are computed by dividing labor costs in nominal terms by real output. Unit labor costs can also be expressed as the ratio of hourly compensation to labor productivity.
These data are a product of the BLS Quarterly Labor Productivityprogram. Data are subject to revision. Additional information is available in "Productivity and Costs, Second Quarter 2001 (preliminary)," news release USDL 01-248.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Unit labor costs in second quarter at https://www.bls.gov/opub/ted/2001/aug/wk1/art04.htm (visited December 02, 2022).