The revised data from the U.S. Labour Department revealed on Tuesday
that nonfarm business sector labour productivity in the United States increased 2.2
per cent q-o-q in the third quarter of 2024, as output jumped 3.5 per cent
q-o-q and hours worked climbed 1.2 per cent q-o-q (seasonally adjusted). That
was in line with the preliminary estimate and
matched economists’ expectations. In the second quarter of 2024, labour productivity rose 2.1 per cent q-o-q.
In y-o-y terms, labour productivity increased 2.0 per cent in the
third quarter, as previously reported.
Meanwhile, unit labour costs in the nonfarm business sector in the third
quarter advanced 0.8 per cent q-o-q compared to an initial estimate of a 1.9
per cent q-o-q gain and a revised 1.1 per cent q-o-q decline
in the prior quarter (originally a 2.4 per cent q-o-q soar). Economists
had forecast a 1.5 per cent q-o-q climb in third-quarter unit labour costs.
Unit labour costs quarterly gain reflected a 3.1-per cent q-o-q jump in hourly
compensation (revised from a 4.2-per cent increase in the previous report) and a 2.2-per cent
q-o-q advance in productivity.
Compared to the corresponding period of 2023, unit labour costs surged
2.2 per cent.