Unit labor costs in second quarter
August 09, 2001
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 on the Internet at http://www.bls.gov/opub/ted/2001/aug/wk1/art04.htm (visited December 20, 2014).
Three recent editions of Spotlight on Statistics
Housing: before, during, and after the Great Recession
looks at consumer expenditures on household items, employment in residential construction, prices for household items, and injuries in occupations involved in building and maintaining our homes.
Women veterans in the labor force examines the demographic, employment, and unemployment characteristics of women veterans.
BLS Statistics by Occupation provides an overview of occupational employment and wages with an emphasis on STEM jobs and occupational data by typical entry-level education required.