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Bureau of Labor Statistics Releases Q4, Full-Year Productivity Figures

Nonfarm business sector labor productivity increased at a 3.2 percent annual rate during the fourth quarter of 2013, according to the U.S. Bureau of Labor Statistics. The increase in productivity reflects increases of 4.9 percent in output and 1.7 percent in hours worked.

From the fourth quarter of 2012 to the fourth quarter of 2013, productivity increased 1.7 percent as output rose 3.3 percent and hours worked rose 1.6 percent. Annual average productivity increased 0.6 percent from 2012 to 2013.

Unit labor costs in nonfarm businesses decreased 1.6 percent in the fourth quarter of 2013, with the 3.2 percent increase in productivity offset by a 1.5 percent increase in hourly compensation. Unit labor costs fell 1.3 percent over the last four quarters.

Manufacturing sector productivity increased 2 percent in the fourth quarter of 2013, as output increased 6.6 percent and hours worked increased 4.4 percent. Productivity increased 3.4 percent in the durable goods sector and increased 1.0 percent in the nondurable goods sector.

Over the last four quarters, manufacturing productivity increased 2.1 percent, as output increased 3.3 percent and hours increased 1.2 percent. Unit labor costs in manufacturing fell 1 percent in the fourth quarter of 2013 and declined 0.9 percent from the same quarter a year ago. Nonfinancial corporate sector productivity decreased 0.5 percent in the third quarter of 2013.

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