US Q2 non-farm productivity revised higher and labour unit costs lower
By Alexander Bueso
Date: Thursday 01 Sep 2022
(Sharecast News) - Estimates of US labour productivity and unit labour costs for the second quarter were revised higher on the back of recent upward revisions to estimates for growth in gross domestic product.
According to the US Department of Labor, labour productivity fell at a quarterly annualised rate of 4.1% over the three months to June (Preliminary: -4.6%).
The increase in unit labour costs meanwhile was revised down from 10.8% to 10.2%.
Growth in hours worked was now pegged at 2.7% and that of hourly compensation at 5.7%, yet in real terms hourly compensation declined by 4.4%.
In comparison to a year ago, productivity decreased by 2.3% and unit labour costs rose by 9.4%.
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