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Labor productivity in the nonfarm business sector increased 2.2 percent in third quarter 2024, as output increased 3.5 percent and hours worked increased 1.2 percent.
Nonfarm business sector labor productivity, percent change from previous quarter at annual rate
Quarter
Labor productivity
Output
Hours worked
Unit labor costs
Hourly compensation
Real hourly compensation
Q1 2022
-5.0
-2.0
3.2
6.9
1.5
-7.1
Q2 2022
-3.0
-0.3
2.7
3.7
0.7
-8.6
Q3 2022
-0.2
2.6
2.8
7.4
7.2
1.8
Q4 2022
2.9
3.7
0.8
-2.4
0.4
-3.5
Q1 2023
0.3
2.5
2.1
3.5
3.8
0.1
Q2 2023
3.7
2.4
-1.3
2.6
6.4
3.3
Q3 2023
3.8
5.0
1.1
1.2
5.1
1.6
Q4 2023
3.1
3.4
0.2
0.9
4.1
1.4
Q1 2024
0.7
1.3
0.6
8.5
9.3
5.3
Q2 2024
2.1
3.0
0.9
2.4
4.6
1.7
Q3 2024
2.2
3.5
1.2
1.9
4.2
3.0
Note: Data are seasonally adjusted.
In third quarter 2024, unit labor costs in the nonfarm business sector increased 1.9 percent, reflecting a 4.2-percent increase in hourly compensation and the 2.2-percent increase in productivity. Real hourly compensation, which takes into account consumer prices, increased 3.0 percent.
These quarterly percent change data are from the Productivity program and are seasonally adjusted annual rates, subject to revision. See "Productivity and Costs — Third Quarter 2024, Preliminary" to learn more. Also see charts on productivity and costs. Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked for all persons, including employees, proprietors, and unpaid family workers.
United States Department of Labor
