Q1 2011 Productivity & Costs was revised today. Labor productivity increased +1.8%. Output increased +3.2% and hours worked increased 1.4%. From Q1 2010, annual productivity increased +1.3%, output +3.2% and hours +1.9%. Below is business, nonfarm labor productivity per quarter. Workers are still being squeezed, and with such high unemployment, we need productivity to dramatically decline, forcing U.S.
Q4 2010 Productivity & Costs was released today. Labor productivity increased +2.6%. Output increased +4.5% and hours worked increased 1.8%. For the year, annual productivity increased +3.6%, output +3.7% and hours +0.1%.
Below is business, nonfarm labor productivity per quarter.
Q3 2010 Productivity & Costs was released today. Labor productivity decreased +1.9%. Output increased +3.0% and hours worked increased 1.1%. For the year, Productivity increased +2.5%, output +4.1% and hours +1.6%.
United labor costs dropped -0.1% and are down -1.9% for the year. Frankly this implies workers are being squeezed. Real wages only increased 0.7% for Q3 2010.
Oh woe to the American worker! The revised Q4 2009 Productivity & Costs BLS report gives some horrific news in terms of job creation and sharing the wealth for the U.S. worker. Firstly, a reminder on how labor productivity is calculated:
Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours of all persons, including employees, proprietors, and unpaid family workers.
When you see soaring productivity, with reduced or low output and unit labor costs down, that means the U.S. worker is getting royally screwed.
Unit Labor costs dropped 1.7% on an annual basis, the largest on record!
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