Labor Productivity Rose 0.3% in Q1

Washington, DC, March 2, 2024-Nonfarm business sector labor productivity increased 0.3% in Q1 2024, the U.S. Bureau of Labor Statistics reported, as output increased 1.3% and hours worked increased 1.0%. 

From the same quarter a year ago, nonfarm business sector labor productivity increased 2.9%.

Unit labor costs in the nonfarm business sector increased 4.7% in the first quarter of 2024, reflecting a 5.0% increase in hourly compensation and a 0.3% increase in productivity. Unit labor costs increased 1.8% over the last four quarters.