by sslifer | Sep 9, 2023 | NumberNomics Notes, Productivity
September 9, 2023 Non-farm productivity jumped 3.5% in the second quarter after having declined 1.2% in the first quarter of this year. The second quarter increase consisted of a 1.9% increase in output combined with a 1.5% decline in hours worked. Hence, a 3.5% in...
by sslifer | Sep 9, 2023 | NumberNomics Notes, Productivity
September 9, 2023 Unit labor costs might be a term that is not familiar to you. Unit labor costs represent the increase in compensation adjusted for the gains in productivity. You might think that if labor costs are rising that would put upward pressure on...
by sslifer | Sep 9, 2023 | NumberNomics Notes, Productivity
September 9, 2023 The Bureau of Labor Statistics indicated that hourly compensation rose 5.7% in the second quarter having risen 2.1% in the first quarter. In the past year compensation has risen 3.8%. Growth in hourly compensation is a good thing, but that increase...
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