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- U.S. labor productivity decreases more than forecast in the fourth quarter
U.S. labor productivity decreases more than forecast in the fourth quarter
The preliminary
data from the U.S. Labour Department showed on Thursday that nonfarm business
sector labor productivity in the United States fell 4.8 percent q-o-q in the
fourth quarter of 2020, as output surged 5.3 percent q-o-q and hours worked
jumped 10.7 percent q-o-q (seasonally adjusted). This was the largest decrease
in productivity since the second quarter of 1981 and was worse than economists’
forecast for a 2.8 percent q-o-q drop after a revised 5.1 percent q-o-q climb
in the third quarter (originally a 4.6 percent q-o-q gain).
In y-o-y terms,
the labor productivity rose 2.5 percent in the third quarter, reflecting a 2.7-percent
decline in output and a 5.0-percent fall in hours worked.
Meanwhile, unit labor costs in the nonfarm business sector in the fourth quarter rose 6.8 percent q-o-q compared to a revised 7.0 percent q-o-q fall in the prior quarter (originally a 6.6 percent q-o-q decline).
Economists
had forecast a 3.5 percent advance in fourth-quarter unit labor costs.
Unit labor
costs quarterly decline reflected a 1.7-percent q-o-q increase in hourly
compensation and a 4.8-percent drop in productivity.
Compared to the
corresponding period of 2019, unit labor costs rose 5.2 percent.
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