Date: September 5, 2019
Nonfarm Business Sector
According to a release from U. S. Bureau of Labor Statistics, “nonfarm business sector labor productivity increased 2.3% in the second quarter of 2019, as output increased 1.9% and hours worked decreased 0.4%.” Year over year, from the second quarter of 2018 to the second quarter of 2019, productivity grew 1.8%, resulting in a 2.6% increase in output and a 0.9% increase in hours worked.
Moreover, in the nonfarm business sector, unit labor costs climbed 2.6% in the second quarter of 2019, and increased a similar 2.6% over the last four quarters.
In the second quarter of 2019, labor productivity for the Manufacturing sector declined 2.2%, as output decreased 3.0% and hours worked fell 0.8%. Furthermore, in the durable manufacturing sector, productivity went down 0.6%, reflecting a 1.9% decrease in output and a 1.4% decrease in hours worked. Also, productivity declined 4.4% in the nondurable manufacturing sector as output decreased 4.2 % and hours worked went up 0.%. Total manufacturing sector productivity was remained constant over the last four quarters, as output increased 0.2% and hours worked increased 0.1%.
In the manufacturing sector, unit labor costs climbed 6.7% in the second quarter of 2019, and increased 4.5 percent from the same quarter a year ago.
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