Labor productivity fell during the first quarter this year while labor costs rose, posing a challenge to the Federal Reserve as it raises interest rates in an attempt to control persistent, decades-high inflation. Nonfarm business sector labor productivity, which measures the hourly output per worker, declined by 2.7 percent in first quarter 2023, compared to…
Annual Labor Productivity Saw Biggest Drop in 49 Years in 2022
February 3, 2023
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Business & Marketscompensationeconomic policieseconomyinflationlabor productivityMarketsunit labor costsUS
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U.S. worker productivity saw its largest annual decline in 2022 in nearly five decades, despite an improvement in the fourth quarter. Nonfarm labor productivity, which measures hourly output per worker, fell 1.5 percent in the fourth quarter from the year-ago period, the Department of Labor reported on Feb. 2. Total worker productivity for 2022, in…
What If We Never Left Recession?
September 1, 2022
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AnalysisBusiness & MarketsBusiness Columnistsdepressioninflationlabor productivityOpinionrecessionU.S. economy
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Commentary There was some hope that the output revisions at month’s end would put to rest the recession debate. Instead, they only added more confusion because we still experienced two quarters of declining GDP as adjusted for inflation, which means recession. Those inflation adjustments can be a real buzz kill. The Bureau of Labor Statistics…
US Labor Productivity Suffers Biggest Drop on Record in the Second Quarter of 2022
August 9, 2022
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Business & Marketseconomic outputeconomic policieseconomyinflationlabor productivityPolicies & ImpactsrecessionUSUS News
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U.S. non-farm labor productivity sank 4.6 percent, at a seasonally adjusted annual rate, in the second quarter of 2022, 3 percent below the decline in the previous quarter, according to a U.S. Bureau of Labor Statistics report on Aug. 9. U.S. non-farm business output, which is about 75 percent of U.S. gross domestic product (GDP), decreased…
US Productivity Plunges to Its Slowest Rate Since 1947 as Labor Costs Soar
United States labor productivity tumbled in the first quarter, to its slowest rate since 1947, while unit labor costs soared, according to a U.S. Bureau of Labor Statistics report released June 2. A surge in unit labor costs and hourly compensation in first quarter 2022 was reflected in a steep drop in productivity. Wages continued to…
US Labor Productivity Plunges at Fastest Rate Since Late 1940s
The Bureau of Labor Statistics (BLS) released its quarterly “Productivity and Costs” report on Thursday, attesting to a 7.5 percent decline in nonfarm productivity—the fastest drop seen since the third quarter of 1947. The BLS report attests to two simultaneous trends that have become manifest in the most recent financial quarter. On one hand, total…
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