Sharp decline in manufacturing labor costs in first quarter
June 06, 2002
Unit labor costs in the manufacturing sector fell at an annual rate of 6.4 percent (seasonally adjusted) in the first quarter of 2002.
This decline in unit labor costs resulted from a combination of a 9.4-percent rise in manufacturing productivity and a 2.4-percent increase in hourly compensation. The last time unit labor costs fell this much in one quarter was in the second quarter of 1961, when they fell 6.9 percent.
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 Productivity and Costs program. Data are subject to revision. Additional information is available in "Productivity and Costs, First Quarter 2002 (revised), (PDF) (TXT) news release USDL 02-318.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Sharp decline in manufacturing labor costs in first quarter on the Internet at http://www.bls.gov/opub/ted/2002/jun/wk1/art04.htm (visited May 22, 2015).
Recent editions of Spotlight on Statistics
New estimates of personal taxes in Consumer Expenditure Survey
In 2013, the Consumer Expenditure Survey improved its personal tax data.
Trends in long-term unemployment
Long-term unemployment reached historically high levels following the recession of 2007–2009.
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.