The Bureau of Labor Statistics (BLS) reported on Tuesday (8-10-21) that nonfarm business sector labor productivity increased 2.3% in Q2 of 2021. This occurred as output increased 7.9% and hours worked increased 5.5% at a seasonally adjusted annual rate (SAAR). Year-over-year (Q2-2020 to Q2 2021) nonfarm business sector labor productivity increased 1.9 %. Unit labor costs in the nonfarm business sector increased at an annual rate of 1.0% in Q2 of 2021, the combined effect of a 3.3% increase in hourly compensation and a 2.3% increase in productivity. Unit labor costs have increased 0.1% over the last four quarters, as hourly compensation increased 2.0% and productivity increased 1.9%.
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PRODUCTIVITY AND COSTS: Second Quarter 2021, Preliminary