Full text of Productivity and Costs : First Quarter 2024, Revised

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USDL 24-1090

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PRODUCTIVITY AND COSTS
First Quarter 2024, Revised

Nonfarm business sector labor productivity increased 0.2 percent in the first quarter of 2024, the U.S.
Bureau of Labor Statistics reported today, as output increased 0.9 percent and hours worked increased
0.6 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the
same quarter a year ago, nonfarm business sector labor productivity increased 2.9 percent, the largest
four-quarter increase since the first quarter of 2021, when the measure increased 5.9 percent. (See chart
1 and table A1.)
Chart 1. Labor productivity, nonfarm business, 2020Q1 – 2024Q1
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
-10.0
-12.0

Percent change

2020

2021

2022

2023

From previous quarter, annual rate
From same quarter a year ago

2024

Chart 2. Unit labor costs, nonfarm business, 2020Q1 – 2024Q1
22.0
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
-10.0
-12.0

Percent change

2020

2021

2022

2023

From previous quarter, annual rate
From same quarter a year ago

2024

Unit labor costs in the nonfarm business sector increased 4.0 percent in the first quarter of 2024,
reflecting a 4.2-percent increase in hourly compensation and a 0.2-percent increase in productivity. Unit
labor costs increased 0.9 percent over the last four quarters. (See chart 2 and tables A1 and 2.)
BLS calculates unit labor costs as the ratio of hourly compensation to labor productivity. Increases in
hourly compensation tend to increase unit labor costs and increases in productivity tend to reduce them.
Real hourly compensation, which takes into account consumer prices, increased 0.4 percent in the first
quarter of 2024, and increased 0.6 percent over the last four quarters.
Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of
hours worked by all workers, including employees, proprietors, and unpaid family workers. During the
current business cycle, starting in the fourth quarter of 2019, labor productivity has grown at an annual

rate of 1.5 percent, reflecting a 2.2-percent rate of growth in output and a 0.6-percent rate of growth in
hours worked during the business cycle. (See chart 3.) The 1.5-percent annual rate of productivity
growth in the current business cycle thus far is the same as the 1.5 percent rate of the previous business
cycle from the fourth quarter of 2007 through the fourth quarter of 2019, and is below the long-term rate
of 2.1 percent since the first quarter of 1947.

Chart 3. Labor Productivity, Output, and Hours Worked index series, nonfarm business, 2019 Q4 – 2024 Q1

110
108
106
104
102
100
98
96
94
92
90
88
86
84
2019 Q4

2020 Q2

2020 Q4

2021 Q2
2021 Q4
2022 Q2
2022 Q4
Labor Productivity
Output
Hours Worked

2023 Q2

2023 Q4

Manufacturing sector labor productivity was unchanged in the first quarter of 2024, as output and
hours worked both decreased 0.2 percent. In the durable manufacturing sector, productivity increased
1.0 percent, reflecting a 0.1-percent increase in output and a 0.9-percent decrease in hours worked.
Nondurable manufacturing sector productivity decreased 1.4 percent as output decreased 0.5 percent and
hours worked increased 0.9 percent. Total manufacturing sector productivity increased 1.1 percent from
the same quarter a year ago. (See tables A1, 3, 4, and 5.)
Unit labor costs in the total manufacturing sector increased 3.1 percent in the first quarter of 2024,
reflecting a 3.1-percent increase in hourly compensation and no change in productivity. Manufacturing
unit labor costs increased 4.1 percent from the same quarter a year ago, reflecting an increase of 1.1
percent in labor productivity and an increase of 5.3 percent in hourly compensation. Real hourly
compensation increased 2.0 percent from the same quarter a year ago. (See tables A1 and 3.)

-2-

Chart 4. Labor Productivity, Output, and Hours Worked index series, manufacturing, 2019 Q4 – 2024 Q1

106
104
102
100
98
96
94
92
90
88
86
84
2019 Q4

2020 Q2

2020 Q4

2021 Q2
2021 Q4
2022 Q2
2022 Q4
Labor Productivity
Output
Hours Worked

2023 Q2

2023 Q4

Manufacturing sector labor productivity has grown at an annual rate of 0.3 percent during the current
business cycle, as output has grown 0.1 percent and hours have declined 0.2 percent. (See chart 4.) The
0.3-percent annual rate of productivity growth in the current business cycle thus far is above the 0.0percent rate of the previous business cycle from the fourth quarter of 2007 through the fourth quarter of
2019, and is below the long-term rate of 2.1 percent since the first quarter of 1987.
The concepts, sources, and methods used for the manufacturing output series differ from those used in
the business and nonfarm business output series; these output measures are not directly comparable. See
the Technical Notes for a more detailed explanation. (See page 7.)
Preliminary first-quarter 2024 measures were announced today for the nonfinancial corporate sector.
Productivity increased 1.8 percent in the first quarter of 2024 as output increased 2.5 percent and hours
worked increased 0.7 percent. Productivity increased 3.2 percent over the last four quarters. (See table
6.)
Revised measures
Measures released today are based on more recent source data than were available for the preliminary
report; they reflect regular updates of source data from the BLS, the Bureau of Economic Analysis
(BEA), and the Board of Governors of the Federal Reserve System.
Table B1 presents previous and revised productivity and related measures for the business, nonfarm
business, and manufacturing sectors for the first quarter of 2024.

-3-

In the first quarter of 2024, nonfarm business sector productivity increased 0.2 percent, a slight
downward revision from the previously reported increase of 0.3 percent. Output and hours worked were
both revised down 0.4 percentage point. Unit labor costs increased 4.0 percent rather than increasing 4.7
percent as previously reported, reflecting a 0.8-percentage point downward revision to hourly
compensation and a 0.1-percentage point downward revision to labor productivity. In the manufacturing
sector, productivity was revised down from a 0.2-percent increase to a 0.0-percent change, reflecting a
0.2-percentage point downward revision to output and no revision to hours worked. Manufacturing unit
labor costs increased 3.1 percent rather than the preliminary estimate of 3.2 percent, as a 0.3-percentage
point downward revision to hourly compensation was mostly offset by a 0.2-percentage point downward
revision to productivity.
Table B2 shows previous and revised productivity and related measures for the business, nonfarm
business, manufacturing, and nonfinancial corporate sectors for the fourth quarter of 2023.
In the fourth quarter of 2023, labor productivity in the nonfarm business sector remained at 3.5
percent, as both output and hours worked were unrevised. Hourly compensation, however, was revised
down from the previously reported increase of 3.5 percent to an increase of 0.6 percent. As a result, unit
labor costs decreased 2.8 percent in the fourth quarter of 2023, rather than no change as previously
reported. Labor productivity in the total manufacturing sector was revised down 0.1-percentage point to
an increase of 2.3 percent, the result of a 0.1-percentage point downward revision to output, which
declined at a 1.1-percent rate. Hours worked were unrevised, decreasing 3.3 percent in the fourth
quarter. Hourly compensation was revised down 3.7 percentage points to a 3.1-percent increase; this led
to a 3.5-percentage point downward revision to unit labor costs, from an increase of 4.2 percent to an
increase of 0.7 percent.
In the nonfinancial corporate sector, productivity grew 6.4 percent in the fourth quarter of 2023 rather
than 7.9 percent as previously reported, due to a 1.5-percentange point downward revision to output.
Hours worked were unrevised, increasing at a 0.2-percent rate.
Quarterly and annual data for all sectors for recent years appear in tables 1-6. Full historical annual and
quarterly measures can be found at www.bls.gov/productivity/tables/.
______________
The preliminary Productivity and Costs news release for second-quarter 2024 is scheduled to be
released on Thursday, August 1, 2024, at 8:30 a.m. (ET).

-4-

Table A1. Labor productivity growth and related measures - revised first-quarter 2024
(percent change from previous quarter at annual rate and from same quarter a year ago)

Sector
Percent change from:
Nonfarm business Previous quarter
A year ago

Labor
productivity
0.2
2.9

Output
0.9
3.1

Hours
worked
0.6
0.2

Hourly
compensation
4.2
3.8

Real hourly
compensation
0.4
0.6

Unit labor
costs
4.0
0.9

Business

Previous quarter
A year ago

0.3
2.8

0.9
3.0

0.6
0.2

4.3
3.8

0.5
0.5

4.0
0.9

Manufacturing

Previous quarter
A year ago

0.0
1.1

-0.2
-0.2

-0.2
-1.3

3.1
5.3

-0.6
2.0

3.1
4.1

Durable
manufacturing

Previous quarter
A year ago

1.0
1.2

0.1
0.5

-0.9
-0.7

5.1
5.7

1.3
2.4

4.1
4.5

Nondurable
manufacturing

Previous quarter
A year ago

-1.4
1.5

-0.5
-0.9

0.9
-2.4

-0.5
4.3

-4.1
1.0

0.9
2.7

Table A2. Labor productivity growth and related measures - preliminary first-quarter 2024
(percent change from previous quarter at annual rate and from same quarter a year ago)

Sector
Nonfinancial
corporate

Percent change from:
Previous quarter
A year ago

Labor
productivity
1.8
3.2

Output
2.5
3.5

Hours
worked
0.7
0.3

Hourly
compensation
4.4
4.3

Real hourly
compensation
0.6
1.1

Unit labor
costs
2.6
1.1

Table B1. Labor productivity growth and related measures - revised and previously published first-quarter 2024
(percent change from previous quarter at annual rate)

Sector
Nonfarm business

Labor
productivity
Revised
0.2
Previously published
0.3

Output
0.9
1.3

Hours
worked
0.6
1.0

Hourly
compensation
4.2
5.0

Real hourly
compensation
0.4
1.1

Unit labor
costs
4.0
4.7

Business

Revised
Previously published

0.3
0.3

0.9
1.2

0.6
0.9

4.3
5.0

0.5
1.2

4.0
4.7

Manufacturing

Revised
Previously published

0.0
0.2

-0.2
0.0

-0.2
-0.2

3.1
3.4

-0.6
-0.4

3.1
3.2

Durable
manufacturing

Revised
Previously published

1.0
1.2

0.1
0.4

-0.9
-0.8

5.1
5.5

1.3
1.7

4.1
4.3

Nondurable
manufacturing

Revised
Previously published

-1.4
-1.3

-0.5
-0.4

0.9
0.9

-0.5
-0.7

-4.1
-4.3

0.9
0.6

-5-

Table B2. Labor productivity growth and related measures - revised and previously published fourth-quarter 2023
(percent change from previous quarter at annual rate)

Sector
Nonfarm business

Labor
productivity
Revised
3.5
Previously published
3.5

Output
3.8
3.8

Hours
worked
0.2
0.2

Hourly
compensation
0.6
3.5

Real hourly
compensation
-2.0
0.8

Unit labor
costs
-2.8
0.0

Business

Revised
Previously published

3.6
3.6

3.7
3.7

0.1
0.1

0.8
3.7

-1.8
1.0

-2.7
0.1

Nonfinancial
corporate

Revised
Previously published

6.4
7.9

6.6
8.1

0.2
0.2

1.4
3.9

-1.2
1.2

-4.7
-3.7

Manufacturing

Revised
Previously published

2.3
2.4

-1.1
-1.0

-3.3
-3.3

3.1
6.8

0.4
4.0

0.7
4.2

Durable
manufacturing

Revised
Previously published

0.2
0.5

-2.8
-2.5

-3.0
-3.0

2.3
9.5

-0.4
6.6

2.1
9.0

Nondurable
manufacturing

Revised
Previously published

4.8
4.7

0.7
0.6

-4.0
-4.0

4.5
1.5

1.8
-1.2

-0.3
-3.1

-6-

TECHNICAL NOTES

Labor Hours
Hours worked data for the labor productivity and cost measures include hours worked for all persons
working in the sector—wage and salary workers, the self-employed and unpaid family workers. The
primary source of hours and employment data is the BLS Current Employment Statistics (CES)
program, which provides monthly survey data on the number of jobs held by and hours paid to wage and
salary workers in nonfarm establishments, counting a person who is employed by two or more
establishments at each place of employment. As of the February 3, 2023 Employment Situation release,
the CES program has updated the national nonfarm payroll series to the 2022 North American Industry
Classification System (NAICS). The BLS Major Sector Productivity program will be remaining on a
NAICS 2017 basis for the time being by converting NAICS 2022 data from CES back to a NAICS 2017
basis using ratios published on the CES website and based on the Quarterly Census of Employment and
Wages (QCEW). Hours of paid time off are removed from hours paid using data from the National
Compensation Survey (NCS) for 1996 forward and data from the BLS Hours at Work survey, conducted
for this purpose, prior to 1990. Between 1990 and 1995, hours of paid time off are removed using a
combination of NCS and Hours at Work survey data. Off-the-clock hours are added, yielding hours
worked, using data from the Current Population Survey (CPS).
Data from the CPS are used to estimate hours worked for farm labor, nonfarm proprietors, and nonfarm
unpaid family workers. Using CPS information on employment and hours worked at primary jobs and
all other jobs, separately, the BLS productivity measures assign all hours worked to the appropriate
industrial sector. Hours for government enterprises are derived from the CPS, the CES, and the National
Income and Product Accounts (NIPA) prepared by the Bureau of Economic Analysis (BEA) of the
Department of Commerce.
Detailed hours data are presented in the table “Hours Worked in Total U.S. Economy and Subsectors”
on the BLS website (www.bls.gov/productivity/tables/total-economy-hours-employment.xlsx).
Output
Business sector output is a chain-type, current-weighted index constructed after excluding from gross
domestic product (GDP) the following outputs: general government, nonprofit institutions, and
households (including owner-occupied housing). Corresponding exclusions also are made in labor hours
worked. Business output accounted for about 77 percent of the value of GDP in 2023. Nonfarm
business, which excludes farming, accounted for about 76 percent of GDP in 2023.
Annual indexes for manufacturing and its durable and nondurable goods components are constructed by
deflating current-dollar industry value of production data from the U.S. Bureau of the Census with
deflators from the BLS. These deflators are based on data from the BLS Producer Price Index program
and other sources. The industry shipments are aggregated using annual weights, and intrasectoral
transactions are removed. Quarterly manufacturing output measures are based on the indexes of
industrial production prepared monthly by the Board of Governors of the Federal Reserve System,
adjusted to be consistent with annual indexes of manufacturing sector output prepared by BLS.
Nonfinancial corporate output is a chain-type, current-weighted index calculated on the basis of the
costs incurred and the incomes earned from production. The output measure excludes the following
outputs from GDP: general government; nonprofit institutions; households; unincorporated business;
and those corporations classified as offices of bank holding companies, offices of other holding
companies, or offices in the finance and insurance sector. Nonfinancial corporations accounted for about
51 percent of the value of GDP in 2023.

-7-

Labor Productivity
The measure describes the relationship between real output and the labor time involved in its production.
Measures of labor productivity growth show the changes from period to period in the amount of goods
and services produced per hour worked. They reflect the joint effects of many influences, including
changes in technology; capital investment; level of output; utilization of capacity, energy, and materials;
the organization of production; managerial skill; and the characteristics and effort of the work force.
Labor Compensation
The measure includes accrued wages and salaries, supplements, employer contributions to employee
benefit plans, and taxes. Estimates of labor compensation by major sector, required for measures of
hourly compensation and unit labor costs, are based primarily on employee compensation data from the
NIPA, prepared by the BEA. The compensation of employees in general government, nonprofit
institutions and households are subtracted from compensation of employees in domestic industries to
derive employee compensation for the business sector. The labor compensation of proprietors cannot be
explicitly identified and must be estimated. This is done by assuming that proprietors have the same
hourly compensation as employees in the same sector. The quarterly labor productivity and cost
measures do not contain estimates of compensation for unpaid family workers.
Unit Labor Costs
These measures describe the relationship between compensation per hour and labor productivity, or real
output per hour, and can be used as an indicator of inflationary pressure on producers. Increases in
hourly compensation increase unit labor costs; labor productivity increases offset compensation
increases and lower unit labor costs.
Presentation of the data
The quarterly data in this release are presented in three ways: as percent changes from the previous
quarter presented at a compound annual rate, as percent changes from the corresponding quarter of the
previous year, and as index number series where 2017=100. Annual data are presented both as index
number series and percent changes from the previous year.
The index numbers and rates of change reported in the productivity and costs news release are rounded
to one decimal place. All percent changes in this release and on the BLS web site are calculated using
index numbers to three decimal places. A complete historical series of these index numbers are available
at the BLS productivity web site, https://www.bls.gov/productivity/data.htm, or by contacting the BLS
Division of Major Sector Productivity (Telephone 202-691-5606 or email productivity@bls.gov).
For a more detailed explanation of methods see the Handbook of Methods at
www.bls.gov/opub/hom/msp/home.htm.
If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access
telecommunications relay services.

-8-

Table 1. Business sector: Labor productivity, hourly compensation, unit labor costs, and prices,
seasonally adjusted.
ValueReal
added
Hourly
hourly
Unit
output
Year
Labor
compencompenUnit
nonlabor
price
and
producHours
sation
sation
labor
payments
deflator
quarter
tivity
Output
worked
(1)
(2)
costs
(3)
(4)
--------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5)
2024 I

0.3

0.9 r

0.6 r

4.3 r

0.5 r

4.0 r

1.0 r

2.6 r

2023 ANNUAL

1.4

2.6

1.2

4.2 r

0.1 r

2.7 r

3.8 r

3.2

2023 IV
III
II
I

3.6
4.4
3.1
-0.1

3.7
5.6
2.0
2.1

0.1
1.1
-1.0
2.2

0.8 r
4.6
5.5
6.7

-1.8 r
1.1
2.4
2.8

-2.7 r
0.2
2.4
6.9

5.5 r
6.3
-0.6
-0.9

0.9
2.8
1.1
3.3

2022 ANNUAL

-1.9

1.9

3.9

3.8

-4.0

10.4

7.8

5.8

2022 IV
2.5
2.9
0.4
0.4
-3.5
-2.0
10.9
3.5
III
0.0
2.7
2.7
7.1
1.7
7.0
0.3
4.0
II
-3.6
-1.3
2.4
1.2
-8.1
5.0
17.8
10.5
I
-6.2
-3.0
3.4
1.8
-6.9
8.5
11.0
9.6
--------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
2024 I

2.8

3.0 r

0.2 r

3.8 r

0.5 r

0.9 r

3.0 r

1.9

2023 ANNUAL

1.4

2.6

1.2

4.2 r

0.1 r

2.7 r

3.8 r

3.2

2023 IV
III
II
I

2.7
2.4
1.3
-0.3

3.3
3.1
2.4
1.6

0.6
0.7
1.1
1.9

4.4 r
4.3
4.9
3.8

1.1 r
0.7
0.8
-1.9

1.6 r
1.8
3.5
4.1

2.5 r
3.8
2.3
6.8

2.0
2.7
3.0
5.3

2022 ANNUAL

-1.9

1.9

3.9

3.8

-4.0

5.8

10.4

7.8

2022 IV
-1.9
0.3
2.2
2.6
-4.3
4.5
9.8
6.9
III
-1.8
1.7
3.6
4.0
-4.0
6.0
10.6
8.0
II
-2.4
1.8
4.3
3.7
-4.5
6.3
11.8
8.6
I
-1.4
4.0
5.5
5.1
-2.8
6.7
9.4
7.8
--------------------------------------------------------------------------------------------------Indexes 2017=100
2024 I

112.0 r

118.0 r

105.4 r

134.7 r

105.9 r

120.3 r

126.4 r

122.9 r

2023 ANNUAL

110.3

116.0

105.2

131.8 r

105.7 r

119.5 r

123.9 r

121.4

2023 IV
III
II
I

111.9
110.9
109.7
108.9

117.8
116.7
115.1
114.6

105.2
105.2
104.9
105.2

133.3 r
133.0
131.5
129.8

105.7 r
106.2
105.9
105.3

119.1 r
119.9
119.9
119.2

126.0 r
124.4
122.5
122.7

122.1
121.9
121.0
120.7

2022 ANNUAL

108.7

113.1

104.0

126.5

105.6

116.3

119.3

117.6

2022 IV
109.0
114.0
104.6
127.7
104.6
117.2
122.9
119.7
III
108.3
113.2
104.5
127.6
105.5
117.8
119.8
118.7
II
108.3
112.4
103.8
125.4
105.1
115.8
119.7
117.5
I
109.3
112.8
103.2
125.1
107.3
114.4
114.9
114.6
--------------------------------------------------------------------------------------------------See footnotes following Table 6.
June 6, 2024
r=revised
Source: Bureau of Labor Statistics

-9-

Table 2. Nonfarm business sector: Labor productivity, hourly compensation, unit labor costs, and
prices, seasonally adjusted.
ValueReal
added
Hourly
hourly
Unit
output
Year
Labor
compencompenUnit
nonlabor
price
and
producHours
sation
sation
labor
payments
deflator
quarter
tivity
Output
worked
(1)
(2)
costs
(3)
(4)
--------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5)
2024 I

0.2 r

0.9 r

0.6 r

4.2 r

0.4 r

4.0 r

1.0 r

2.7 r

2023 ANNUAL

1.4

2.6

1.2

4.2 r

0.1 r

2.8 r

4.2 r

3.4

2023 IV
III
II
I

3.5
4.6
3.3
-0.3

3.8
5.8
2.0
1.8

0.2
1.1
-1.3
2.1

0.6 r
4.6
5.9
6.8

-2.0 r
1.1
2.8
2.9

-2.8 r
0.1
2.5
7.1

6.4 r
6.8
0.0
0.0

1.2
3.0
1.4
3.9

2022 ANNUAL

-1.9

2.1

4.0

3.7

-4.1

5.7

10.0

7.5

2022 IV
2.1
2.8
0.8
0.0
-3.9
-2.0
11.0
3.5
III
0.0
2.8
2.8
7.1
1.7
7.1
0.1
3.9
II
-3.7
-1.1
2.7
0.8
-8.5
4.7
16.9
9.9
I
-5.7
-2.8
3.1
2.0
-6.6
8.3
9.9
9.0
--------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
2024 I

2.9

3.1 r

0.2 r

3.8 r

0.6 r

0.9 r

3.5 r

2.0 r

2023 ANNUAL

1.4

2.6

1.2

4.2 r

0.1 r

2.8 r

4.2 r

3.4

2023 IV
III
II
I

2.7
2.4
1.3
-0.5

3.3
3.1
2.4
1.6

0.6
0.7
1.1
2.1

4.4 r
4.3
4.9
3.6

1.2 r
0.7
0.8
-2.0

1.7 r
1.9
3.6
4.2

3.2 r
4.3
2.7
6.8

2.4
2.9
3.2
5.3

2022 ANNUAL

-1.9

2.1

4.0

3.7

-4.1

5.7

10.0

7.5

2022 IV
-1.9
0.4
2.3
2.5
-4.4
4.4
9.3
6.5
III
-1.8
1.8
3.7
4.0
-4.0
5.8
10.4
7.8
II
-2.4
2.0
4.5
3.6
-4.7
6.1
11.5
8.4
I
-1.5
4.1
5.6
5.0
-3.0
6.5
8.8
7.5
--------------------------------------------------------------------------------------------------Indexes 2017=100
2024 I

111.9 r

118.2 r

105.7 r

134.5 r

105.7 r

120.2 r

126.2 r

122.8 r

2023 ANNUAL

110.2

116.2

105.5

131.6 r

105.5 r

119.4 r

123.5 r

121.2

2023 IV
III
II
I

111.8
110.9
109.6
108.8

118.0
116.9
115.3
114.7

105.5
105.4
105.1
105.5

133.1 r
132.9
131.4
129.5

105.6 r
106.1
105.8
105.1

119.0 r
119.9
119.8
119.1

125.9 r
124.0
122.0
122.0

122.0
121.6
120.8
120.3

2022 ANNUAL

108.7

113.3

104.2

126.3

105.5

116.2

118.5

117.2

2022 IV
108.8
114.2
104.9
127.4
104.3
117.1
122.0
119.2
III
108.3
113.4
104.7
127.4
105.4
117.7
118.8
118.2
II
108.3
112.6
104.0
125.3
104.9
115.7
118.8
117.0
I
109.3
112.9
103.3
125.0
107.3
114.4
114.2
114.3
--------------------------------------------------------------------------------------------------See footnotes following Table 6.
June 6, 2024
r=revised
Source: Bureau of Labor Statistics

-10-

Table 3. Manufacturing sector: Labor productivity, hourly compensation, and unit labor costs,
seasonally adjusted.
Real
Year
Labor
Hourly
hourly
Unit
and
producHours
compensacompensalabor
quarter
tivity
Output
worked
tion (1)
tion (2)
costs
--------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5)
2024 I

0.0 r

-0.2 r

-0.2

3.1 r

-0.6 r

3.1 r

0.1

4.9 r

0.8 r

5.6 r

3.1 r
7.5
7.6
5.0

0.4 r
3.9
4.4
1.2

0.7 r
8.9
3.9
6.3

2023 ANNUAL

-0.7 r

-0.5

2023 IV
III
II
I

2.3 r
-1.2
3.5
-1.2

-1.1 r
-0.6
1.1
-0.4

-3.3
0.6
-2.4
0.8

2022 ANNUAL

-1.2

2.8

4.0

3.6

-4.2

4.8

2022 IV
-2.7
-3.6
-0.9
1.2
-2.8
4.0
III
-3.2
0.4
3.7
7.6
2.2
11.1
II
0.9
3.0
2.1
2.3
-7.1
1.4
I
-2.3
3.1
5.6
1.9
-6.7
4.3
--------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
2024 I

1.1 r

-0.2 r

-1.3

5.3 r

2.0 r

4.1 r

0.1

4.9 r

0.8 r

5.6 r

5.8 r
5.3
5.3
4.0

2.5 r
1.7
1.2
-1.7

4.9 r
5.7
6.3
5.7

3.6

-4.2

4.8

2023 ANNUAL

-0.7 r

-0.5

2023 IV
III
II
I

0.8 r
-0.4
-0.9
-1.6

-0.3 r
-0.9
-0.7
-0.2

-1.1
-0.5
0.3
1.4

2022 ANNUAL

-1.2

2.8

4.0

2022 IV
-1.8
0.7
2.6
3.2
-3.7
5.2
III
-1.6
2.8
4.5
4.9
-3.2
6.6
II
-1.2
3.6
4.8
2.6
-5.6
3.8
I
-0.2
4.3
4.5
3.4
-4.4
3.6
--------------------------------------------------------------------------------------------------Indexes 2017=100
2024 I

98.7 r

99.5 r

100.8 r

127.8 r

100.4 r

129.4 r

2023 ANNUAL

98.3 r

99.8 r

101.6

124.4 r

99.8 r

126.6 r

2023 IV
III
II
I

98.7 r
98.2
98.5
97.6

99.6 r
99.9
100.0
99.7

100.9
101.7
101.6
102.2

126.8 r
125.9
123.6
121.4

100.6 r
100.5
99.5
98.5

128.4 r
128.2
125.5
124.3

2022 ANNUAL

98.9

100.3

101.4

118.5

99.0

119.9

2022 IV
97.9
99.8
102.0
119.9
98.2
122.4
III
98.6
100.8
102.2
119.5
98.9
121.2
II
99.4
100.7
101.3
117.4
98.3
118.1
I
99.2
99.9
100.8
116.7
100.1
117.7
--------------------------------------------------------------------------------------------------See footnotes following Table 6.
June 6, 2024
r=revised
Source: Bureau of Labor Statistics

-11-

Table 4. Durable manufacturing sector: Labor productivity, hourly compensation, and unit labor
costs, seasonally adjusted.
Real
Year
Labor
Hourly
hourly
Unit
and
producHours
compensacompensalabor
quarter
tivity
Output
worked
tion (1)
tion (2)
costs
--------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5)
2024 I

1.0 r

2023 ANNUAL

-1.0

2023 IV
III
II
I

0.2 r
-2.6
6.5
-3.8

2022 ANNUAL

-1.0

0.1 r

-0.9 r

5.1 r

1.3 r

4.1 r

0.3

1.3

4.8 r

0.7 r

5.9 r

-2.8 r
0.8
3.9
-1.8

-3.0
3.5
-2.5
2.1

2.3 r
7.9
7.8
5.9

-0.4 r
4.3
4.6
2.1

2.1 r
10.8
1.2
10.1

3.6

4.7

2.5

-5.2

3.6

2022 IV
-2.5
-2.7
-0.1
-0.6
-4.5
1.9
III
-3.0
2.0
5.1
7.3
1.9
10.6
II
2.1
5.4
3.2
2.7
-6.7
0.6
I
-1.8
5.6
7.6
-0.5
-9.0
1.3
--------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
2024 I

1.2 r

0.5 r

-0.7

5.7 r

2.4 r

4.5 r

2023 ANNUAL

-1.0

0.3

1.3

4.8 r

0.7 r

5.9 r

2023 IV
III
II
I

0.0 r
-0.7
-0.8
-1.8

0.0 r
0.0
0.3
0.7

0.0
0.7
1.1
2.5

6.0 r
5.2
5.0
3.8

2.6 r
1.6
1.0
-1.9

6.0 r
5.9
5.9
5.7

2022 ANNUAL

-1.0

3.6

4.7

2.5

-5.2

3.6

2022 IV
-1.3
2.5
3.9
2.2
-4.7
3.5
III
-0.7
4.5
5.3
4.6
-3.5
5.3
II
-0.5
4.7
5.2
0.9
-7.2
1.4
I
-1.9
2.6
4.5
2.2
-5.5
4.2
--------------------------------------------------------------------------------------------------Indexes 2017=100
2024 I

96.6 r

98.0 r

101.5 r

127.8 r

100.4 r

132.4 r

2023 ANNUAL

96.2 r

98.2 r

102.1

123.9 r

99.4 r

128.8 r

2023 IV
III
II
I

96.3 r
96.3
96.9
95.4

98.0 r
98.7
98.5
97.6

101.8
102.5
101.6
102.3

126.2 r
125.5
123.2
120.9

100.1 r
100.2
99.2
98.1

131.0 r
130.4
127.1
126.7

2022 ANNUAL

97.2

97.9

100.8

118.2

98.7

121.7

2022 IV
96.3
98.0
101.7
119.1
97.6
123.7
III
96.9
98.7
101.8
119.3
98.7
123.1
II
97.7
98.2
100.5
117.2
98.2
120.0
I
97.2
96.9
99.7
116.4
99.9
119.9
--------------------------------------------------------------------------------------------------See footnotes following Table 6.
June 6, 2024
r=revised
Source: Bureau of Labor Statistics

-12-

Table 5. Nondurable manufacturing sector: Labor productivity, hourly compensation, and unit labor
costs, seasonally adjusted.
Real
Year
Labor
Hourly
hourly
Unit
and
producHours
compensacompensalabor
quarter
tivity
Output
worked
tion (1)
tion (2)
costs
--------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5)
2024 I

-1.4 r

-0.5 r

0.9

-0.5 r

-4.1 r

0.9 r

2023 ANNUAL

0.4

-1.3

-1.7

4.9 r

0.8 r

4.5 r

2023 IV
III
II
I

4.8 r
2.1
0.6
2.4

0.7 r
-2.1
-1.7
0.9

-4.0
-4.1
-2.3
-1.5

4.5 r
6.0
7.3
3.0

1.8 r
2.5
4.1
-0.8

-0.3 r
3.8
6.6
0.5

1.7

3.0

5.4

-2.4

2022 ANNUAL

-1.3

6.8

2022 IV
-2.4
-4.6
-2.3
4.5
0.5
7.1
III
-2.5
-1.2
1.3
7.8
2.4
10.6
II
0.3
0.6
0.3
1.4
-8.0
1.1
I
-1.7
0.6
2.4
6.2
-2.8
8.0
--------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
2024 I

1.5

-0.9

-2.4

4.3 r

1.0 r

2.7 r

2023 ANNUAL

0.4

-1.3

-1.7

4.9 r

0.8 r

4.5 r

5.2 r
5.2
5.6
4.1

1.9 r
1.6
1.5
-1.6

2.6 r
4.5
6.1
4.7

5.4

-2.4

6.8

2023 IV
III
II
I

2.5
0.7
-0.5
-0.6

-0.5 r
-1.9
-1.7
-1.1

-3.0
-2.5
-1.2
-0.5

2022 ANNUAL

-1.3

1.7

3.0

2022 IV
-1.6
-1.2
0.4
4.9
-2.1
6.6
III
-2.3
0.9
3.3
5.2
-2.9
7.7
II
-2.1
1.9
4.0
5.9
-2.5
8.1
I
0.7
5.2
4.5
5.5
-2.4
4.8
--------------------------------------------------------------------------------------------------Indexes 2017=100
2024 I
2023 ANNUAL
2023 IV
III
II
I
2022 ANNUAL

100.3 r

99.9 r

99.5 r

100.2 r

100.6 r
99.5
98.9
98.8
99.1

99.6 r

127.6 r

100.2 r

127.2 r

100.7

125.2 r

100.4 r

125.8 r

100.0 r
99.8
100.3
100.8

99.3
100.3
101.4
102.0

127.7 r
126.3
124.5
122.3

101.3 r
100.8
100.2
99.2

126.9 r
127.0
125.8
123.8

101.5

102.5

119.4

99.7

120.4

2022 IV
98.2
100.5
102.4
121.4
99.4
123.6
III
98.8
101.7
103.0
120.1
99.3
121.5
II
99.4
102.0
102.6
117.8
98.7
118.5
I
99.4
101.9
102.5
117.4
100.8
118.2
--------------------------------------------------------------------------------------------------See footnotes following Table 6.
June 6, 2024
r=revised
Source: Bureau of Labor Statistics

-13-

Table 6. Nonfinancial corporate sector: Labor productivity, hourly compensation, unit labor costs,
unit profits, and prices, seasonally adjusted.
ValueReal
added
Unit
Hourly
hourly
output
Unit
combined
Year
Labor
compencompenUnit
price
nonlabor input
Unit
and
producHours
sation
sation
labor
deflator costs
costs
profits
quarter
tivity
Output
worked
(1)
(2)
costs
(4)
(6)
(7)
(8)
--------------------------------------------------------------------------------------------------------Percent change from previous quarter at annual rate (5)
2024 I

1.8

2.5

0.7

4.4

0.6

2.6

0.0

8.8

4.5

2023 ANNUAL

1.4

2.8 r

1.5

4.7 r

0.5 r

3.3 r

2.1

0.6 r

2.4

2023 IV
III
II
I

6.4 r
3.1
1.8
1.8

6.6 r
3.9
1.2
4.3

0.2
0.8
-0.5
2.4

1.4 r
4.8
6.8
6.9

-1.2 r
1.3
3.7
3.0

-4.7 r
1.6
4.9
5.0

-0.4
1.9
3.1
0.0

-1.6 r
-3.8
-2.4
2.3

4.1

-3.7

2022 ANNUAL

-1.0

3.1

4.2

5.2

7.5

11.8

-3.7 r
-0.1
2.6
4.1
7.2

-19.4
0.2 r
18.1 r
13.0
6.0
-18.8
9.1

2022 IV
-0.7
-0.1
0.6
1.0
-2.9
1.7
1.1
2.2
1.8
-2.3
III
1.3
5.0
3.7
6.6
1.2
5.2
3.1
1.1
3.9
-0.6
II
-2.2
0.6
2.9
2.0
-7.4
4.3
11.2
9.1
5.8
42.8
I
-2.2
0.8
3.0
2.6
-6.1
4.9
10.4
22.8
10.2
11.7
--------------------------------------------------------------------------------------------------------Percent change from corresponding quarter of previous year
2024 I

3.2

3.5

0.3

4.3

1.1

1.1

1.2

0.1

0.8

3.3

2023 ANNUAL

1.4

2.8 r

1.5

4.7 r

0.5 r

3.3 r

2.1

0.6 r

2.4

0.2 r

2023 IV
III
II
I

3.2 r
1.5
1.1
0.0

4.0 r
2.3
2.6
2.4

0.7
0.8
1.5
2.4

5.0 r
4.8
5.3
4.1

1.7 r
1.2
1.2
-1.6

1.7 r
3.3
4.2
4.1

1.2
1.5
1.8
3.8

-1.4 r
-0.5
0.7
3.6

0.7 r
2.1
3.1
3.9

3.1

4.2

4.1

-3.7

5.2

7.5

11.8

7.2

2022 ANNUAL

-1.0

3.5 r
-1.3
-4.4
3.0
9.1

2022 IV
-1.0
1.6
2.5
3.0
-3.9
4.0
6.4
8.5
5.4
11.5
III
-1.4
2.9
4.3
3.9
-4.1
5.3
8.1
12.6
7.5
10.8
II
-1.1
3.4
4.5
4.3
-4.0
5.5
8.2
16.3
8.7
5.7
I
-0.6
4.8
5.4
5.4
-2.6
6.0
7.5
10.2
7.3
8.7
--------------------------------------------------------------------------------------------------------Indexes 2017=100
2024 I

113.6

120.6

106.2

135.9

106.8

119.6

121.7

111.9

117.1

152.7

2023 ANNUAL

111.2 r

117.8 r

105.9

132.7 r

106.4 r

119.3 r

121.3 r

110.6 r

116.5 r

153.4 r

2023 IV
III
II
I

113.1 r
111.4
110.5
110.0

119.9 r
118.0
116.9
116.5

106.0
105.9
105.7
105.9

134.4 r
134.0
132.4
130.2

106.6 r
107.0
106.6
105.7

118.9 r
120.3
119.8
118.4

121.7 r
121.8
121.2
120.3

109.6 r
110.0
111.1
111.8

115.8 r
116.9
117.0
116.2

161.2 r
154.6
150.0
147.8

2022 ANNUAL

109.7

114.6

104.4

126.7

105.8

115.5

118.8

110.0

113.7

153.2

2022 IV
109.5
115.3
105.2
128.1
104.9
116.9
120.3
111.2
115.0
155.7
III
109.7
115.3
105.1
127.8
105.7
116.4
120.0
110.6
114.5
156.6
II
109.4
113.9
104.1
125.7
105.3
115.0
119.0
110.3
113.4
156.9
I
110.0
113.7
103.4
125.1
107.4
113.8
115.9
107.9
111.8
143.5
--------------------------------------------------------------------------------------------------------See footnotes following Table 6.
June 6, 2024
r=revised
Source: Bureau of Labor Statistics

-14-

SOURCES: Output data are from the Bureau of Economic Analysis and the Census Bureau of the U.S.
Department of Commerce; the Bureau of Labor Statistics, U.S. Department of Labor; and the Federal
Reserve Board. Hours and compensation data are from the Bureau of Labor Statistics and the Bureau of
Economic Analysis.
SIZE OF REVISIONS: Productivity and cost measures are revised on a regular schedule as more
complete data become available. The first estimate is published within 40 days of the close of the
reference quarter, the second estimate approximately 30 days later, and the third estimate approximately
60 days after the second estimate. Based on past revisions, the third estimate of nonfarm business sector
quarterly labor productivity growth has differed from the first estimate by -1.1 to +1.4 percentage point
about 80 percent of the time. This interval is based on estimates for reference quarters from the first
quarter of 2001 to the fourth quarter of 2023. For more about revisions to labor productivity growth see
“Revisions to BLS quarterly labor productivity estimates: How large are they?” at
www.bls.gov/opub/mlr/2022/article/revisions-to-bls-quarterly-labor-productivity-estimates-how-largeare-they.htm.
Table Footnotes
(1) Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Except for nonfinancial corporations, where there are no self-employed, data also include
an estimate of wages, salaries, and supplemental payments for the self-employed.
(2) The change for recent quarters is based on the Consumer Price Index for all urban consumers
(CPI-U). The trend from 1978-2023 is based on the Consumer Price Index Retroactive series (CPI-URS).
(3) Unit nonlabor payments include profits, consumption of fixed capital, taxes on production and
imports less subsidies, net interest and miscellaneous payments, business current transfer payments,
rental income of persons, and the current surplus of government enterprises.
(4) Current dollar output divided by the output index.
(5) Quarterly changes: Percent change compounded at annual rate is calculated using index numbers to
three decimal places. Indexes published in the news release are rounded to one decimal place for
convenience. Annual changes: Percent change is calculated using annual indexes to three decimal
places.
(6) Unit nonlabor costs include consumption of fixed capital, taxes on production and imports less
subsidies, net interest and miscellaneous payments, and business current transfer payments.
(7) Total unit costs are the sum of unit labor and nonlabor costs.
(8) Unit profits include corporate profits before tax with inventory valuation and capital consumption
adjustment.

-15-