Nonfarm business productivity, second quarter 2012
September 06, 2012
Nonfarm business sector labor productivity increased at a 2.2-percent annual rate during the second quarter of 2012, reflecting increases of 2.4 percent in output and 0.1 percent in hours worked. From the second quarter of 2011 to the second quarter of 2012, productivity increased 1.2 percent, as output and hours worked rose 3.0 percent and 1.7 percent, respectively.
Unit labor costs in nonfarm businesses increased 1.5 percent in the second quarter of 2012, while hourly compensation increased 3.7 percent. Unit labor costs rose 0.9 percent over the last four quarters.
Manufacturing sector productivity rose 0.1 percent in the second quarter of 2012, as output grew 1.5 percent and hours worked increased 1.4 percent. Over the last four quarters, manufacturing productivity increased 2.9 percent, as output increased 5.5 percent and hours rose 2.6 percent.
These data are from the Labor Productivity and Costs program, are seasonally adjusted, and are revised. To learn more, see “Productivity and Costs, Second Quarter 2012 Revised” (HTML) (PDF), news release USDL-12-1795. Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours of all persons, including employees, proprietors, and unpaid family workers. Unit labor costs are the ratio of hourly compensation to labor productivity.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Nonfarm business productivity, second quarter 2012 on the Internet at http://www.bls.gov/opub/ted/2012/ted_20120906.htm (visited August 04, 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.