U.S. labor productivity plunged 7.5% during the first quarter of 2022, according to new data released Thursday by the U.S. Bureau of Labor Statistics.
plunged 7.5% during the first quarter of 2022, according to new data released Thursday by the U.S. Bureau of Labor Statistics. The figure marks the largest quarterly decline since 1947, when labor productivity fell 11.7%, and a 0.6% decline compared to a year ago.
Meanwhile, unit labor costs, or how much employers pay workers in salary and benefits per unit of output, jumped 11.6% during the first quarter, a 7.2% increase over the past four quarters and the biggest gain since the third quarter of 1982. Analysts polled by Refinitiv were expecting a 5.4% decline in productivity and a 9.9% rise in labor costs.Output decreased 2.5% during the quarter, compared to 4.2% a year ago, while hours worked increased 5.5% and hourly compensation increased 3.%, compared to 4.8% and 6.5% a year ago, respectively.
U.S. labor productivity plunged 7.5% during the first quarter of 2022, the largest quarterly decline since 1947, when labor productivity fell 11.7%. In addition to the latest figures, labor productivity for the fourth quarter was revised slightly lower to a growth rate of 6.3%, compared to the originally reported 6.6%.
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