Jump in factory labor costs in 2001
February 08, 2002
Unit labor costs in manufacturing grew 6.2 percent in 2001. This was the largest annual increase since 1981, when these costs rose 8.9 percent.
The 6.2-percent rise in unit labor costs in 2001 was the result of a 7.3 -percent increase in hourly compensation and a 1.0-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 BLS Productivity and Costs program. Data are subject to revision. Additional information is available in "Productivity and Costs, Fourth-Quarter and Annual Averages for 2001 (Preliminary)," news release USDL 02-64.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Jump in factory labor costs in 2001 on the Internet at https://www.bls.gov/opub/ted/2002/feb/wk1/art05.htm (visited January 18, 2018).
Recent editions of Spotlight on Statistics
Industry on Tap: Breweries
A look at employment, wages, and job safety in breweries and producer prices for beer.
Differences in Parents’ Time Use between the Summer and the School Year
A look at how parents of school-age children spend their time in the summer and the school year.
Hispanics in the United States: Celebrating National Hispanic Heritage Month
A look at employment, earnings, consumer spending, time use, and workplace injuries and illnesses for the Hispanic or Latino U.S. population.
Expenditures on Admissions to the Arts, Movies, Sporting Events, and Other Entertainment
A look at consumer spending and attendance at arts, sports, and entertainment events.