Manufacturing sector productivity increased 2.9 percent in the third quarter as output increased 4.2 percent and hours worked increased 1.3 percent, according to the U.S. Bureau of Labor Statistics. Productivity increased 3.2 percent in the durable goods sector and increased 3.5 percent in the nondurable goods sector.
Over the last four quarters, manufacturing productivity increased 2.7 percent, as output increased 4.4 percent and hours increased 1.6 percent. Unit labor costs in manufacturing fell 1.3 percent in the third quarter and declined 0.5 percent from the same quarter a year ago. Nonfinancial corporate sector productivity increased 1.1 as output rose 4.0 percent and hours rose 2.9 percent, according to preliminary third quarter data.
Nonfarm business sector labor productivity increased at a 2.3 percent annual rate during the third quarter as output increased 4.9 percent and hours worked increased 2.5 percent.
From the same quarter last year, productivity increased 1 percent as output rose 3.1 percent and hours worked rose 2.1 percent.
Unit labor costs in nonfarm businesses decreased 1 percent in the third quarter, as a 1.3 percent increase in hourly compensation was smaller than the 2.3 percent gain in productivity. Unit labor costs rose 1.2 percent over the last four quarters.
