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Monday, May 27, 2024
HomeNewsEconomyProductivity and Cost Gain Solidly for Q2 2019

Productivity and Cost Gain Solidly for Q2 2019

A collage graphic concept for industry and labor. (Photo: AdobeStock)

A solid 2.3% annual growth rate for nonfarm productivity was matched by a solid 2.4% gain in labor cost for the second quarter (Q2) 2019. That’s a beat on the moderate 1.5% and 2.0% consensus forecasts, respectively.

IndicatorPriorPrior RevisedConsensus ForecastForecast RangeActual
Nonfarm Productivity – Q/Q ∆ – SAAR3.4%3.5%1.5%0.7% to 2.5%2.3%
Unit Labor Costs – Q/Q ∆ – SAAR-1.6%2.0%0.2% to 2.8%2.4%

Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked by all persons, including employees, proprietors, and unpaid family workers.

Output increased 1.9% while hours worked fell 0.4%. Unit labor costs in the nonfarm business sector rose 2.4% in Q2 2019, roughly mirroring the 2.5% pace over the last four quarters.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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