Unit labor costs in the US nonfarm business sector rose an annualized 1.6 percent in the second quarter of 2023, well below a downwardly revised 3.3 percent rise in the first three months of the year, and forecasts of 2.6%, preliminary estimates showed. It reflects a 5.5 percent increase in hourly compensation and a 3.7 percent increase in productivity. Unit labor costs in the total manufacturing sector increased 3.6 percent and for business1.3 percent. Compared to the second quarter of 2022, unit labour costs were up 2.4%. For manufacturing costs went up 4.9 percent and for business 2.2 percent. source: U.S. Bureau of Labor Statistics

Labour Costs in the United States averaged 63.53 points from 1950 until 2023, reaching an all time high of 128.77 points in the second quarter of 2023 and a record low of 17.01 points in the first quarter of 1950. This page provides the latest reported value for - United States Labour Costs - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Nonfarm Unit Labour Cost - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Labour Costs in the United States is expected to be 133.29 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Nonfarm Unit Labour Cost is projected to trend around 134.15 points in 2024 and 137.10 points in 2025, according to our econometric models.

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United States Nonfarm Unit Labour Cost



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-06-01 12:30 PM Unit Labour Costs QoQ Final Q1 4.2% 3.3% 6% 6.3%
2023-08-03 12:30 PM Unit Labour Costs QoQ Prel Q2 1.6% 3.3% 2.6% 3.1%


Related Last Previous Unit Reference
Unemployment Rate 3.50 3.60 percent Jul 2023
Non Farm Payrolls 187.00 185.00 Thousand Jul 2023
Government Payrolls 15.00 57.00 Thousand Jul 2023
Nonfarm Payrolls Private 172.00 128.00 Thousand Jul 2023
Manufacturing Payrolls -2.00 6.00 Thousand Jul 2023
Initial Jobless Claims 230.00 240.00 Thousand Aug 2023
Continuing Jobless Claims 1702.00 1711.00 Thousand Aug 2023
Unemployed Persons 5841.00 5957.00 Thousand Jul 2023
Employed Persons 161262.00 160994.00 Thousand Jul 2023
Average Hourly Earnings 0.40 0.40 percent Jul 2023
Average Weekly Hours 34.30 34.40 Hours Jul 2023
Labor Force Participation Rate 62.60 62.60 percent Jul 2023
Long Term Unemployment Rate 0.69 0.66 percent Jul 2023
Youth Unemployment Rate 8.00 7.50 percent Jul 2023
Labour Costs 128.77 128.24 points Jun 2023
Productivity 114.02 112.98 points Jun 2023
Job Vacancies 9515.00 8885.00 Thousand Jul 2023
Job Offers 8827.00 9165.00 Thousand Jul 2023
Wages 28.96 28.83 USD/Hour Jul 2023
Wages in Manufacturing 26.47 26.33 USD/Hour Jul 2023
Employment Cost Index 1.00 1.20 percent Jun 2023
Jobless Claims 4-week Average 236.75 234.50 Thousand Aug 2023
Part Time Employment 27153.00 26181.00 Thousand Jul 2023
Full Time Employment 134274.00 134859.00 Thousand Jul 2023
Employment Rate 60.40 60.30 percent Jul 2023

United States Nonfarm Unit Labour Cost
Labour Costs refers to the relationship between compensation per hour and labor productivity, or real output per hour, and can be used as an indicator of inflationary pressure on producers.
Actual Previous Highest Lowest Dates Unit Frequency
128.77 128.24 128.77 17.01 1950 - 2023 points Quarterly
2012=100, SA

News Stream
US Labour Costs Rise Less than Expected
Unit labor costs in the US nonfarm business sector rose an annualized 1.6 percent in the second quarter of 2023, well below a downwardly revised 3.3 percent rise in the first three months of the year, and forecasts of 2.6%, preliminary estimates showed. It reflects a 5.5 percent increase in hourly compensation and a 3.7 percent increase in productivity. Unit labor costs in the total manufacturing sector increased 3.6 percent and for business1.3 percent. Compared to the second quarter of 2022, unit labour costs were up 2.4%. For manufacturing costs went up 4.9 percent and for business 2.2 percent.
2023-08-03
US Unit Labour Costs Revised Lower
Unit labor costs in the US nonfarm business sector rose an annualized 4.2 percent in the first quarter of 2023, less than preliminary estimates of 6.3 percent and below market expectations of a 6 percent gain, revised data showed. It reflects a 2.1 percent increase in hourly compensation and a 2.1 percent decrease in productivity. Year-on-year, labor costs were up 3.8 percent, easing from a 4.9 percent advance in Q4.
2023-06-01
US Labor Costs Rise More than Expected
Unit labor costs in the US nonfarm business sector rose an annualized 6.3 percent in the first quarter of 2023, accelerating from an upwardly revised 3.3 percent increase in the previous period and above market expectations of a 5.5 percent gain, preliminary data showed. It reflects a 3.4 percent increase in hourly compensation and a 2.7 percent decrease in productivity. Year-on-year, labor costs were up 5.8 percent, easing from a 6.3 percent advance in Q4.
2023-05-04