Ekonomické zprávy
04.11.2021

U.S. labor productivity decreases more than forecast in Q3

The preliminary data from the U.S. Labour Department showed on Thursday that nonfarm business sector labor productivity in the United States plunged 5.0 percent q-o-q in the third quarter of 2021, as output rose 1.7 percent q-o-q and hours worked jumped 7.0 percent q-o-q (seasonally adjusted). This was the largest drop in productivity since the second quarter of 1981 and was worse than economists’ forecast for a 3.0 percent q-o-q decline after a revised 2.4 percent q-o-q gain in the second quarter (originally a 2.1 percent q-o-q gain).

In y-o-y terms, the labor productivity went down 0.5 percent in the second quarter, reflecting a 6.1-percent jump in output and a 6.7-percent surge in hours worked.

Meanwhile, unit labor costs in the nonfarm business sector in the third quarter climbed 8.3 percent q-o-q compared to a revised 1.1 percent q-o-q increase in the prior quarter (originally a 1.3 percent q-o-q advance). Economists had forecast a 7.0 percent surge in third-quarter unit labor costs.

Unit labor costs quarterly gain reflected a 2.9-percent q-o-q increase in hourly compensation and a 5.0-percent q-o-q drop in productivity.

Compared to the corresponding period of 2020, unit labor costs rose 4.8 percent, as hourly compensation jumped 4.3 percent and productivity fell 0.5 percent.

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