Manufacturing & The Economy
Nonfarm business sector labor productivity increased at a 1.9% annual rate during the third quarter of 2013, the U.S. Bureau of Labor Statistics reports. The increase in productivity reflects increases of 3.7% in output and 1.7% in hours worked. (All quarterly% changes in this release are seasonally adjusted annual rates.) From the third quarter of 2012 to the third quarter of 2013, productivity was unchanged as a 1.8% increase in output was matched by a 1.8% increase in hours worked.
Manufacturing sector productivity rose 0.4% in the third quarter of 2013, as output and hours worked increased 1.3% and 0.8%, respectively. Productivity increased 1.2% in the durable goods sector and decreased 0.1% in the nondurable goods sector. Over the last four quarters, manufacturing productivity increased 2.3%, as output increased 2.3% and hours edged up 0.1%. Unit labor costs in manufacturing rose 1.3% in the third quarter of 2013 and were unchanged from the same quarter a year ago.