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Labor productivity in the nonfarm business sector increased 2.3 percent in 2024, following an increase of 1.6 percent in 2023 and a decrease of 1.5 percent in 2022. The rise in labor productivity in 2024 resulted from a 2.9-percent increase in output combined with a 0.6-percent increase in hours worked.
Nonfarm business sector labor productivity and related measures, annual average percent change
Year
Labor productivity
Output
Hours worked
Unit labor costs
Hourly compensation
Real hourly compensation
2014
0.9
3.4
2.4
1.7
2.6
0.9
2015
1.3
3.7
2.4
1.8
3.1
2.9
2016
0.8
2.0
1.2
0.6
1.3
0.1
2017
1.3
3.0
1.6
2.1
3.4
1.3
2018
1.4
3.4
2.0
2.0
3.4
0.9
2019
2.2
3.1
0.8
1.6
3.8
2.0
2020
5.4
-2.7
-7.7
2.7
8.2
6.8
2021
2.0
7.6
5.4
3.0
5.1
0.2
2022
-1.5
2.5
4.1
5.1
3.5
-4.2
2023
1.6
2.9
1.2
2.2
3.9
-0.2
2024
2.3
2.9
0.6
2.6
5.0
2.0
Unit labor costs in the nonfarm business sector increased 2.6 percent in 2024, reflecting a 5.0-percent increase in hourly compensation and the 2.3-percent increase in productivity. The 2.6-percent increase in unit labor costs came after costs rose 2.2 percent in 2023 and 5.1 percent in 2022.
Real hourly compensation, which takes into account changes in consumer prices, increased 2.0 percent in 2024.
United States Department of Labor
