Charting U.S. productivity over the past two years
Productivity in the non-farm business sector — as measured by output per hour of all persons — remained unchanged during the third quarter of 2006, the U.S. Department of Labor's Bureau of Labor Statistics reported.
Output grew at a 1.6 percent annual rate. Hours of all persons in the non-farm business sector also increased 1.6 percent, reflecting 0.8 percent gains in both employment and average weekly hours at work.
In the second quarter, non-farm business productivity increased 1.2 percent, as output grew 2.7 percent and hours worked rose by 1.5 percent.
Hourly compensation increased at a 3.7 percent annual rate in the third quarter of 2006. When the rise in consumer prices is taken into account, real hourly compensation rose 0.7 percent during the July-September period. During the second quarter of 2006, real hourly compensation had increased 1.6 percent.
Unit labor costs in the non-farm business sector grew 3.8 percent during the third quarter of 2006, after rising 5.4 percent in the second quarter.
This data is from the BLS Productivity and Costs program. Data in this report includes seasonally adjusted annual rates. These estimates are subject to revision. For more information, see "Productivity and Costs, Third Quarter 2006, preliminary," news release USDL 06-1902.