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- U.S. labor productivity declines less than initially estimated in the fourth quarter of 2020
U.S. labor productivity declines less than initially estimated in the fourth quarter of 2020
The revised
data from the U.S. Labour Department showed on Tuesday that nonfarm business
sector labor productivity in the United States decreased 4.2 percent q-o-q in
the fourth quarter of 2020, as output rose 5.5 percent q-o-q and hours worked surged
10.1 percent q-o-q (seasonally adjusted). That was better than the initial estimate
of a drop of 4.8 percent q-o-q and economists’ forecast for a decline of 4.7
percent q-o-q. In the third quarter, labor productivity surged 4.2 percent
q-o-q (revised from initially reported +4.6 percent q-o-q).
In y-o-y terms,
the labor productivity increased 2.4 percent, reflecting a 2.6-percent fall in
output and a 4.9-percent drop in hours worked.
Meanwhile, unit
labor costs in the nonfarm business sector in the fourth quarter rose 6.0
percent q-o-q compared to an initial estimate of a 6.8 percent q-o-q advance
and a revised 9.7 percent q-o-q plunge in the prior quarter (originally a 7.0
percent q-o-q decrease). Economists had forecast a 6.6 percent q-o-q jump in fourth-quarter
unit labor costs.
Unit labor
costs quarterly gain reflected a 1.5-percent q-o-q climb in compensation and a
4.2-percent q-o-q fall in productivity.
Compared to the
corresponding period of 2019, unit labor costs rose 4.2 percent.
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