Transmission of material in this release is embargoed until USDL 24-0450 

8:30 a.m. (ET) Thursday, March 7, 2024 

Technical information: (202) 691-5606 • Productivity@bls.gov • www.bls.gov/productivity

Media contact: (202) 691-5902 • PressOffice@bls.gov

PRODUCTIVITY AND COSTS

Fourth Quarter and Annual Averages 2023, Revised 

(NOTE: This release was reissued on April 26, 2024, to provide notice of errors that affect quarterly and 

annual hours worked data and all labor-related measures, including labor productivity, from first quarter 

2019 through fourth quarter 2023 in all sectors. Estimates in this news release will not be corrected. The 

corrected data will be published in the database and reflected in the upcoming Productivity and Costs (P) 

First Quarter 2024 release on May 2, 2024. See this table for more information on the corrections:

www.bls.gov/productivity/notices/2024/corrected-hours-worked-and-labor-productivity-for-laborproductivity-and-costs-fourth-quarter-2023.htm.) 

Nonfarm business sector labor productivity increased 3.2 percent in the fourth quarter of 2023, the 

U.S. Bureau of Labor Statistics reported today, as output increased 3.5 percent and hours worked 

increased 0.3 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.)

From the same quarter a year ago, nonfarm business sector labor productivity increased 2.6 percent. (See

chart 1 and table A1.) Annual average productivity increased 1.3 percent from 2022 to 2023. (See table 

C1.) 

Unit labor costs in the nonfarm business sector increased 0.4 percent in the fourth quarter of 2023, 

reflecting a 3.6-percent increase in hourly compensation and a 3.2-percent increase in productivity. Unit 

labor costs increased 2.5 percent over the last four quarters. (See chart 2 and tables A1 and 2.) 

Chart 1. Labor productivity, nonfarm business, 2019Q1 – 2023Q4

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

26.0

2019 2020 2021 2022 2023

From previous quarter, annual rate

From same quarter a year ago

Percent change Percent change

Chart 2. Unit labor costs, nonfarm business, 2019Q1 – 2023Q4

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

26.0

2019 2020 2021 2022 2023

From previous quarter, annual rate

From same quarter a year ago
 -2-

Historical Revisions to Productivity and Costs Data and Method Change

Data in this release incorporate the annual benchmark revision of BLS Current Employment Statistics 

program data on employment and hours of employees on nonfarm payrolls. Data also include revisions 

to employment and hours of all other business sector workers that reflect updated seasonal adjustment of 

those data by the BLS Major Sector Productivity program. Additionally, data reflect an improved 

estimation method for hours worked by self-employed and unpaid family workers. See Revised 

measures on page 2. 

BLS calculates unit labor costs as the ratio of hourly compensation to labor productivity. Increases in 

hourly compensation tend to increase unit labor costs and increases in productivity tend to reduce them. 

Real hourly compensation, which takes into account consumer prices, increased 0.8 percent in the fourth 

quarter of 2023, and increased 1.8 percent over the last four quarters. 

Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of 

hours worked by all workers, including employees, proprietors, and unpaid family workers. 

Manufacturing sector labor productivity increased 1.3 percent in the fourth quarter of 2023, as output 

decreased 2.0 percent and hours worked decreased 3.3 percent. The 3.3-percent decrease in hours 

worked is the largest decline since the historic decline in the second quarter of 2020. In the durable 

manufacturing sector, productivity decreased 1.0 percent, reflecting a 4.0-percent decrease in output and 

a 3.0-percent decrease in hours worked. Nondurable manufacturing sector productivity increased 3.8 

percent as hours worked decreased 3.6 percent; output was unchanged from the previous quarter. Total 

manufacturing sector productivity increased 0.5 percent from the same quarter a year ago. (See tables 

A1, 3, 4, and 5.) 

Unit labor costs in the total manufacturing sector increased 5.3 percent in the fourth quarter of 2023, 

reflecting a 6.7-percent increase in hourly compensation and a 1.3-percent increase in productivity. 

Manufacturing unit labor costs increased 6.1 percent from the same quarter a year ago, reflecting an 

increase of 0.5 percent in labor productivity and an increase of 6.6 percent in hourly compensation. Real 

hourly compensation increased 3.3 percent from the same quarter a year ago. The four-quarter increases 

to hourly compensation and real hourly compensation are the largest since the third and fourth quarters 

of 2020, respectively. (See tables A1 and 3.) 

The concepts, sources, and methods used for the manufacturing output series differ from those used in 

the business and nonfarm business output series; these output measures are not directly comparable. See 

the Technical Notes for a more detailed explanation. (See page 8.) 

Revised measures

Beginning with this news release, estimates of hours worked by self-employed workers and unpaid 

family workers reflect a method change to reduce volatility of the estimates. This method change 

removes statistically insignificant variability during seasonal adjustment of the Current Population 

Survey (CPS) source data. In addition, volatility associated with respondent turnover is reduced by 

adjusting respondent weights. These two adjustments by the BLS productivity program will dampen 

noise in the series without losing important information about cyclical changes in hours worked by selfemployed and unpaid family workers. A more detailed discussion of the changes is available in the 
 -3-

Monthly Labor Review at www.bls.gov/opub/mlr/2023/article/an-improved-estimate-of-selfemployment-hours.htm. 

Third quarter, fourth quarter, and annual average data for 2023 were revised to incorporate regular 

updates of source data on output and compensation published by the Department of Commerce on 

February 28, 2024. Quarterly measures of real hourly compensation in 2023 were revised to reflect 

updates to seasonally adjusted data from the BLS Consumer Price Index program released on February 

13, 2024. 

Quarterly and annual measures of hours worked, productivity, and related series were revised 

historically for all major sectors. From 2018 to 2023, the revisions reflect incorporation of revised BLS 

Current Employment Statistics (CES) program data for employment and hours of employees on nonfarm 

payrolls. Revisions to employment and hours worked from 2000 to 2023 reflect the productivity 

program method improvement to hours worked by self-employed and unpaid family workers as well as

revised seasonal adjustment of hours worked by nonfarm self-employed and unpaid family workers, all 

farm workers, and employees of government enterprises. These measures, based on source data from the 

BLS Current Population Survey (CPS), are seasonally adjusted by the BLS Major Sector Productivity 

program. Because hours worked were revised for the index base year of 2017, all measures 

incorporating hours worked—including productivity—were subject to revision back to 1947. 

Chart 3 shows revisions to self-employed and unpaid family worker (non-employee) hours worked from 

2000 to 2023. Beginning in 2007, the revised series is less volatile due to the effects of the 

aforementioned method improvement. Chart 4 shows the effects of these revisions on the index of labor 

productivity from 2000 to 2023. Because non-employees make up a relatively small proportion of all 

workers, the indices before and after revision are similar. 

11.0

11.5

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

16.5

17.0

17.5

18.0

18.5

19.0

19.5

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022

Previously Published Revised

Chart 3. Non-employee hours worked, before and after historical revision, nonfarm business sector, 2000Q1 - 2023Q4

Billions of Hours
 -4-

Revised and previous measures for the fourth quarter of 2023 are shown in table B1 for the business, 

nonfarm business, and manufacturing sectors. In the fourth quarter of 2023, nonfarm business 

productivity was not revised and increased 3.2 percent as reported last release. Output was revised down 

0.2 percentage point to an increase of 3.5 percent, and hours worked were revised down 0.1 percentage 

point to an increase of 0.3 percent. Unit labor costs increased 0.4 percent rather than increasing 0.5 

percent as previously reported, reflecting a 0.1-percentage point downward revision to hourly 

compensation. 

Manufacturing productivity increased 1.3 percent in the fourth quarter of 2023 rather than increasing 2.3 

percent as reported last release. This reflects a 0.4-percentage point upward revision to output and a 1.3-

percentage point upward revision to hours worked. A 0.1-percentage point upward revision to hourly 

compensation and the 1.0-percentage point downward revision to productivity produced a 1.1-

percentage point upward revision to unit labor costs, which increased 5.3 percent rather than 4.2 percent 

as previously reported. Productivity was revised down by 2.4 percentage points in the durable 

manufacturing sector and up by 1.3 percentage points in the nondurable manufacturing sector. (See table 

B1.) 

In the third quarter of 2023, nonfarm business productivity was revised down to an increase of 4.7

percent due to a 0.1-percentage point upward revision to hours worked; output was not revised. Unit 

labor costs increased 0.1 percent rather than decreasing 1.1 percent as previously reported, reflecting a 

1.0-percentage point upward revision to hourly compensation and the 0.2-percentage point downward 

revision to productivity. Total manufacturing sector productivity was revised down by 0.4 percentage 

point as durable manufacturing productivity was revised down by 0.9 percentage point and nondurable 

70

75

80

85

90

95

100

105

110

115

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022

Previously published Revised

Chart 4. Labor productivity, before and after historical revision, nonfarm business sector, 2000Q1 - 2023Q4

Index (2017=100)
 -5-

manufacturing productivity was revised up by 0.1 percentage point. In the total manufacturing sector, 

unit labor costs were revised up by 2.7 percentage points to an increase of 9.0 percent, reflecting a 5.3-

percentage point upward revision to durable manufacturing unit labor costs and a 2.0-percentage point 

downward revision to nondurable manufacturing unit labor costs. (See table B2.) 

Nonfinancial corporate sector productivity increased 3.2 percent in the third quarter of 2023 rather 

than increasing 2.5 percent as previously reported, primarily reflecting a 0.6-percentage point upward 

revision to output. Unit labor costs were revised up by 0.4 percentage point to an increase of 1.6 percent. 

(See table A2.)

Annual averages

Table C1 presents annual average changes for the most recent 5 years for the nonfarm business sector 

and the total manufacturing sector. Nonfarm business sector productivity increased 1.3 percent in 

2023, as output increased 2.6 percent and hours worked increased 1.3 percent. This is a 0.1-percentage 

point upward revision from the preliminary estimate of labor productivity growth. 

Unit labor costs in the nonfarm business sector were revised up 0.1 percentage point to an increase of

3.0 percent in 2023, reflecting an increase of 4.3 percent in hourly compensation and an increase of 1.3

percent in productivity. Real hourly compensation, which takes into account changes in consumer 

prices, increased 0.1 percent in 2023. This is the first time since 2020 that annual real hourly 

compensation in the nonfarm business sector has increased. 

In the manufacturing sector, productivity decreased 0.8 percent in 2023, reflecting a decrease in output 

of 0.6 percent and an increase in hours worked of 0.2 percent.

Manufacturing unit labor costs increased 5.9 percent in 2023, as hourly compensation increased 5.1

percent while productivity decreased 0.8 percent. This is a 0.4-percentage point upward revision to 

manufacturing unit labor costs. Manufacturing real hourly compensation increased 0.9 percent.

Quarterly and annual data for all sectors from 2021 forward appear in tables 1-6. Full historical 

measures can be found on the Productivity and Costs home page: www.bls.gov/productivity/tables/.

______________

The preliminary Productivity and Costs news release for first-quarter 2024 is scheduled to be 

released on Thursday, May 2, 2024, at 8:30 a.m. (ET).
-6-

Table A1. Labor productivity growth and related measures - revised fourth-quarter 2023

(percent change from previous quarter at annual rate and from same quarter a year ago)

Sector Percent change from:

Labor 

productivity Output

Hours 

worked

Hourly 

compensation

Real hourly 

compensation

Unit labor 

costs

Nonfarm business Previous quarter 3.2 3.5 0.3 3.6 0.8 0.4

A year ago 2.6 3.2 0.6 5.1 1.8 2.5

Business Previous quarter 3.3 3.5 0.2 3.7 1.0 0.4

A year ago 2.6 3.3 0.7 5.1 1.7 2.4

Manufacturing Previous quarter 1.3 -2.0 -3.3 6.7 3.9 5.3

A year ago 0.5 -0.5 -1.0 6.6 3.3 6.1

Durable 

manufacturing

Previous quarter -1.0 -4.0 -3.0 9.5 6.6 10.6

A year ago -0.4 -0.3 0.1 7.7 4.3 8.1

Nondurable 

manufacturing

Previous quarter 3.8 0.0 -3.6 1.2 -1.5 -2.5

A year ago 2.2 -0.7 -2.8 4.3 1.0 2.1

Table A2. Labor productivity growth and related measures - revised and previously published third-quarter 2023

(percent change from previous quarter at annual rate)

Sector

Labor 

productivity Output

Hours 

worked

Hourly 

compensation

Real hourly 

compensation

Unit labor 

costs

Nonfinancial 

corporate

Revised 3.2 3.9 0.7 4.9 1.4 1.6

Previously published 2.5 3.3 0.8 3.7 0.1 1.2

Table B1. Labor productivity growth and related measures - revised and previously published fourth-quarter 2023

(percent change from previous quarter at annual rate)

Sector

Labor 

productivity Output

Hours 

worked

Hourly 

compensation

Real hourly 

compensation

Unit labor 

costs

Nonfarm business Revised 3.2 3.5 0.3 3.6 0.8 0.4

Previously published 3.2 3.7 0.4 3.7 0.9 0.5

Business Revised 3.3 3.5 0.2 3.7 1.0 0.4

Previously published 3.3 3.5 0.2 4.0 1.2 0.6

Manufacturing Revised 1.3 -2.0 -3.3 6.7 3.9 5.3

Previously published 2.3 -2.4 -4.6 6.6 3.8 4.2

Durable 

manufacturing

Revised -1.0 -4.0 -3.0 9.5 6.6 10.6

Previously published 1.4 -4.4 -5.7 9.0 6.0 7.4

Nondurable 

manufacturing

Revised 3.8 0.0 -3.6 1.2 -1.5 -2.5

Previously published 2.5 -0.3 -2.7 2.5 -0.2 0.0
-7-

Table B2. Labor productivity growth and related measures - revised and previously published third-quarter 2023

(percent change from previous quarter at annual rate)

Sector

Labor 

productivity Output

Hours 

worked

Hourly 

compensation

Real hourly 

compensation

Unit labor 

costs

Nonfarm business Revised 4.7 5.8 1.0 4.8 1.3 0.1

Previously published 4.9 5.8 0.9 3.8 0.2 -1.1

Business Revised 4.6 5.6 1.0 4.7 1.3 0.2

Previously published 4.8 5.6 0.7 3.9 0.3 -0.9

Manufacturing Revised -1.2 -0.7 0.5 7.7 4.1 9.0

Previously published -0.8 -0.3 0.5 5.5 1.8 6.3

Durable 

manufacturing

Revised -2.9 0.8 3.8 7.7 4.1 10.9

Previously published -2.0 1.4 3.4 3.5 -0.1 5.6

Nondurable 

manufacturing

Revised 2.7 -2.2 -4.8 6.8 3.3 4.0

Previously published 2.6 -1.9 -4.4 8.7 5.0 6.0

Table C1. Labor productivity growth and related measures - annual average changes: 2019-2023

Sector Year

Labor 

productivity Output

Hours 

worked

Hourly 

compensation

Real hourly 

compensation

Unit labor 

costs

Nonfarm business 2023 1.3 2.6 1.3 4.3 0.1 3.0

2022 -1.9 2.1 4.1 3.6 -4.1 5.7

2021 1.4 7.2 5.8 4.6 -0.3 3.1

2020 5.7 -2.8 -8.0 8.6 7.2 2.8

2019 2.5 3.0 0.4 4.3 2.4 1.7

Manufacturing 2023 -0.8 -0.6 0.2 5.1 0.9 5.9

2022 -1.2 2.8 4.0 3.6 -4.2 4.8

2021 1.5 4.9 3.3 2.2 -2.5 0.6

2020 0.8 -6.9 -7.7 7.0 5.6 6.2

2019 -2.0 -2.0 0.0 2.6 0.8 4.8
-8-

TECHNICAL NOTES

Labor Hours

Hours worked data for the labor productivity and cost measures include hours worked for all persons 

working in the sector—wage and salary workers, the self-employed and unpaid family workers. The 

primary source of hours and employment data is the BLS Current Employment Statistics (CES) 

program, which provides monthly survey data on the number of jobs held by and hours paid to wage and 

salary workers in nonfarm establishments, counting a person who is employed by two or more 

establishments at each place of employment. As of the February 3, 2023 Employment Situation release, 

the CES program has updated the national nonfarm payroll series to the 2022 North American Industry 

Classification System (NAICS). The BLS Major Sector Productivity program will be remaining on a 

NAICS 2017 basis for the time being by converting NAICS 2022 data from CES back to a NAICS 2017 

basis using ratios published on the CES website and based on the Quarterly Census of Employment and 

Wages (QCEW). Hours of paid time off are removed from hours paid using data from the National 

Compensation Survey (NCS) for 1996 forward and data from the BLS Hours at Work survey, conducted 

for this purpose, prior to 1990. Between 1990 and 1995, hours of paid time off are removed using a 

combination of NCS and Hours at Work survey data. Off-the-clock hours are added, yielding hours 

worked, using data from the Current Population Survey (CPS). 

Data from the CPS are used to estimate hours worked for farm labor, nonfarm proprietors, and nonfarm 

unpaid family workers. Using CPS information on employment and hours worked at primary jobs and 

all other jobs, separately, the BLS productivity measures assign all hours worked to the appropriate 

industrial sector. Hours for government enterprises are derived from the CPS, the CES, and the National 

Income and Product Accounts (NIPA) prepared by the Bureau of Economic Analysis (BEA) of the 

Department of Commerce. 

Detailed hours data are presented in the table “Hours Worked in Total U.S. Economy and Subsectors” 

on the BLS website (www.bls.gov/productivity/tables/total-economy-hours-employment.xlsx).

Output

Business sector output is a chain-type, current-weighted index constructed after excluding from gross 

domestic product (GDP) the following outputs: general government, nonprofit institutions, and

households (including owner-occupied housing). Corresponding exclusions also are made in labor hours 

worked. Business output accounted for about 77 percent of the value of GDP in 2023. Nonfarm 

business, which excludes farming, accounted for about 76 percent of GDP in 2023.

Annual indexes for manufacturing and its durable and nondurable goods components are constructed by 

deflating current-dollar industry value of production data from the U.S. Bureau of the Census with 

deflators from the BLS. These deflators are based on data from the BLS Producer Price Index program 

and other sources. The industry shipments are aggregated using annual weights, and intrasectoral

transactions are removed. Quarterly manufacturing output measures are based on the indexes of 

industrial production prepared monthly by the Board of Governors of the Federal Reserve System, 

adjusted to be consistent with annual indexes of manufacturing sector output prepared by BLS. 

Nonfinancial corporate output is a chain-type, current-weighted index calculated on the basis of the 

costs incurred and the incomes earned from production. The output measure excludes the following 

outputs from GDP: general government; nonprofit institutions; households; unincorporated business; 

and those corporations classified as offices of bank holding companies, offices of other holding 

companies, or offices in the finance and insurance sector. Nonfinancial corporations accounted for about 

52 percent of the value of GDP in 2022.
-9-

Labor Productivity

The measure describes the relationship between real output and the labor time involved in its production. 

Measures of labor productivity growth show the changes from period to period in the amount of goods 

and services produced per hour worked. They reflect the joint effects of many influences, including

changes in technology; capital investment; level of output; utilization of capacity, energy, and materials; 

the organization of production; managerial skill; and the characteristics and effort of the work force.

Labor Compensation

The measure includes accrued wages and salaries, supplements, employer contributions to employee 

benefit plans, and taxes. Estimates of labor compensation by major sector, required for measures of 

hourly compensation and unit labor costs, are based primarily on employee compensation data from the 

NIPA, prepared by the BEA. The compensation of employees in general government, nonprofit 

institutions and households are subtracted from compensation of employees in domestic industries to 

derive employee compensation for the business sector. The labor compensation of proprietors cannot be 

explicitly identified and must be estimated. This is done by assuming that proprietors have the same 

hourly compensation as employees in the same sector. The quarterly labor productivity and cost 

measures do not contain estimates of compensation for unpaid family workers. 

Unit Labor Costs

These measures describe the relationship between compensation per hour and labor productivity, or real 

output per hour, and can be used as an indicator of inflationary pressure on producers. Increases in 

hourly compensation increase unit labor costs; labor productivity increases offset compensation 

increases and lower unit labor costs. 

Presentation of the data

The quarterly data in this release are presented in three ways: as percent changes from the previous 

quarter presented at a compound annual rate, as percent changes from the corresponding quarter of the 

previous year, and as index number series where 2017=100. Annual data are presented both as index 

number series and percent changes from the previous year. 

The index numbers and rates of change reported in the productivity and costs news release are rounded 

to one decimal place. All percent changes in this release and on the BLS web site are calculated using 

index numbers to three decimal places. A complete historical series of these index numbers are available 

at the BLS productivity web site, https://www.bls.gov/productivity/data.htm, or by contacting the BLS 

Division of Major Sector Productivity (Telephone 202-691-5606 or email productivity@bls.gov).

For a more detailed explanation of methods see the Handbook of Methods at 

www.bls.gov/opub/hom/msp/home.htm.

If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access 

telecommunications relay services.
-10-

Table 1. Business sector: Labor productivity, hourly compensation, unit labor costs, and prices,

seasonally adjusted.

 Value-

 Real added

 Hourly hourly Unit output

Year Labor compen- compen- Unit nonlabor price

and produc- Hours sation sation labor payments deflator

quarter tivity Output worked (1) (2) costs (3) (4)

---------------------------------------------------------------------------------------------------

 Percent change from previous quarter at annual rate (5)

2023 ANNUAL 1.4 r 2.6 1.2 r 4.3 r 0.2 r 2.9 3.6 3.2 

2023 IV 3.3 3.5 0.2 3.7 r 1.0 r 0.4 r 1.6 r 0.9 r

 III 4.6 r 5.6 1.0 r 4.7 r 1.3 r 0.2 r 6.3 r 2.8 

 II 2.9 r 2.0 -0.9 r 5.3 r 2.2 r 2.3 r -0.6 1.1 

 I -0.4 r 2.1 2.5 r 6.4 r 2.5 r 6.8 r -0.9 r 3.3 

2022 ANNUAL -1.9 r 1.9 3.9 r 3.8 -4.0 5.8 r 10.4 r 7.8 

2022 IV 2.5 r 2.9 0.4 r 0.5 r -3.6 r -2.0 10.9 3.5 

 III 0.0 r 2.7 2.8 r 7.0 r 1.3 7.0 r 0.3 r 4.0 

 II -3.9 r -1.3 2.7 r 0.9 r -8.1 r 4.9 r 17.9 r 10.5 

 I -6.0 r -3.0 3.2 r 2.0 r -6.7 r 8.5 r 11.0 r 9.6 

2021 ANNUAL 1.5 r 7.2 5.6 r 4.7 r -0.2 r 3.1 7.9 5.1 

2021 IV 2.6 r 8.8 6.0 r 6.2 r -2.4 3.4 r 14.2 r 8.0 

 III -2.2 r 3.3 5.6 r 5.8 r -0.7 r 8.2 r 4.5 r 6.6 

 II 0.1 r 7.2 7.1 r 6.6 r -1.3 r 6.5 r 8.3 r 7.3 

 I 2.5 r 6.7 4.1 r 0.4 r -3.8 r -2.1 r 19.6 r 6.6 

---------------------------------------------------------------------------------------------------

 Percent change from corresponding quarter of previous year

2023 ANNUAL 1.4 r 2.6 1.2 r 4.3 r 0.2 r 2.9 3.6 3.2 

2023 IV 2.6 r 3.3 0.7 r 5.1 r 1.7 r 2.4 r 1.6 2.0 

 III 2.4 3.1 0.7 4.2 r 0.6 r 1.8 r 3.8 r 2.7 

 II 1.2 2.4 1.2 4.8 0.6 r 3.5 2.3 3.0 

 I -0.5 1.6 2.1 r 3.6 r -2.1 r 4.1 r 6.8 r 5.3 

2022 ANNUAL -1.9 r 1.9 3.9 r 3.8 -4.0 5.8 r 10.4 r 7.8 

2022 IV -1.9 r 0.3 2.2 r 2.5 r -4.3 r 4.5 9.8 r 6.9 

 III -1.9 r 1.7 3.7 r 4.0 r -4.0 r 6.0 r 10.6 r 8.0 

 II -2.4 1.8 4.4 r 3.7 -4.5 6.3 11.8 8.6 

 I -1.4 r 4.0 5.5 r 5.1 -2.8 6.7 r 9.4 r 7.8 

2021 ANNUAL 1.5 r 7.2 5.6 r 4.7 r -0.2 r 3.1 7.9 5.1 

2021 IV 0.7 r 6.5 5.7 r 4.7 r -2.1 r 3.9 r 11.5 r 7.1 

 III -1.0 r 5.6 6.7 r 5.4 r 0.0 r 6.5 r 4.9 5.8 

 II 0.5 r 15.2 14.6 r 1.7 r -3.1 r 1.2 r 11.2 r 5.3 

 I 5.9 r 2.5 -3.2 r 6.6 r 4.5 r 0.7 r 4.3 r 2.2 

---------------------------------------------------------------------------------------------------

 Indexes 2017=100

2023 ANNUAL 110.6 r 116.0 r 104.9 r 132.5 r 106.2 r 119.8 r 123.6 r 121.4 r

2023 IV 112.2 r 117.7 r 104.9 r 134.7 r 106.8 r 120.1 r 124.8 r 122.1 r

 III 111.3 r 116.7 104.9 r 133.5 r 106.5 r 119.9 r 124.3 r 121.9 

 II 110.0 r 115.1 104.6 r 131.9 r 106.2 r 119.9 r 122.5 r 121.0 

 I 109.3 r 114.6 104.8 r 130.2 r 105.6 r 119.2 r 122.6 r 120.7 

2022 ANNUAL 109.2 r 113.1 103.6 r 127.0 r 106.1 r 116.4 r 119.3 r 117.6 

2022 IV 109.4 r 114.0 104.2 r 128.2 r 105.0 r 117.2 r 122.9 r 119.7 

 III 108.7 r 113.2 104.1 r 128.1 r 105.9 r 117.8 r 119.8 r 118.7 

 II 108.7 r 112.4 103.4 r 125.9 r 105.6 r 115.9 r 119.7 r 117.5 

 I 109.8 r 112.8 102.7 r 125.7 r 107.8 r 114.5 r 114.8 r 114.6 

2021 ANNUAL 111.3 r 110.9 99.6 r 122.4 r 110.5 r 110.0 r 108.1 r 109.1 

2021 IV 111.5 r 113.6 101.9 r 125.0 r 109.7 r 112.1 r 111.9 r 112.0 

 III 110.8 r 111.3 100.4 r 123.2 r 110.4 r 111.2 r 108.2 r 109.9 

 II 111.4 r 110.4 99.1 r 121.4 r 110.6 r 109.0 r 107.1 r 108.2 

 I 111.4 r 108.5 97.4 r 119.5 r 110.9 r 107.3 r 105.0 r 106.3 

---------------------------------------------------------------------------------------------------

See footnotes following Table 6. March 7, 2024

r=revised Source: Bureau of Labor Statistics
-11-

Table 2. Nonfarm business sector: Labor productivity, hourly compensation, unit labor costs, and

prices, seasonally adjusted.

 Value-

 Real added

 Hourly hourly Unit output

Year Labor compen- compen- Unit nonlabor price

and produc- Hours sation sation labor payments deflator

quarter tivity Output worked (1) (2) costs (3) (4)

---------------------------------------------------------------------------------------------------

 Percent change from previous quarter at annual rate (5)

2023 ANNUAL 1.3 r 2.6 1.3 4.3 r 0.1 3.0 r 4.0 3.4 

2023 IV 3.2 3.5 r 0.3 r 3.6 r 0.8 r 0.4 r 2.3 r 1.2 r

 III 4.7 r 5.8 1.0 r 4.8 r 1.3 r 0.1 r 6.8 r 3.0 

 II 3.1 r 2.0 -1.1 r 5.7 r 2.6 r 2.5 r 0.0 r 1.4 

 I -0.6 r 1.8 2.4 r 6.5 2.5 r 7.1 r 0.0 r 3.9 

2022 ANNUAL -1.9 2.1 4.1 r 3.6 r -4.1 5.7 r 10.0 r 7.5 

2022 IV 2.1 r 2.8 0.7 r 0.1 r -4.0 r -2.0 11.0 3.5 

 III 0.0 r 2.8 2.9 r 7.0 r 1.4 7.1 r 0.1 r 3.9 

 II -4.0 r -1.1 3.0 r 0.5 r -8.5 r 4.7 r 16.9 r 9.9 

 I -5.5 r -2.8 2.8 r 2.3 r -6.4 r 8.3 r 9.9 r 9.0 

2021 ANNUAL 1.4 r 7.2 5.8 r 4.6 r -0.3 r 3.1 7.1 r 4.8 

2021 IV 2.5 r 8.9 6.2 r 5.9 r -2.6 3.4 r 15.5 r 8.4 

 III -2.4 3.4 6.0 r 5.5 r -1.1 r 8.1 r 4.3 r 6.4 

 II -0.3 r 7.3 7.6 r 6.2 r -1.6 r 6.5 r 6.1 r 6.3 

 I 2.3 r 6.5 4.1 r 0.4 r -3.8 r -1.9 r 19.1 r 6.5 

---------------------------------------------------------------------------------------------------

 Percent change from corresponding quarter of previous year

2023 ANNUAL 1.3 r 2.6 1.3 4.3 r 0.1 3.0 r 4.0 3.4 

2023 IV 2.6 r 3.2 r 0.6 5.1 r 1.8 2.5 r 2.2 2.4 r

 III 2.3 3.1 0.7 r 4.2 r 0.6 r 1.9 r 4.3 r 2.9 

 II 1.2 2.4 1.2 4.8 0.6 r 3.6 2.7 3.2 

 I -0.7 r 1.6 2.2 3.5 r -2.2 r 4.1 r 6.8 r 5.3 

2022 ANNUAL -1.9 2.1 4.1 r 3.6 r -4.1 5.7 r 10.0 r 7.5 

2022 IV -1.9 r 0.4 2.4 r 2.4 r -4.4 r 4.4 9.3 r 6.5 

 III -1.8 r 1.8 3.7 r 3.9 -4.1 5.8 r 10.4 r 7.8 

 II -2.4 2.0 4.5 3.5 -4.7 6.1 11.5 8.4 

 I -1.5 r 4.1 5.7 r 5.0 r -3.0 6.5 r 8.8 r 7.5 

2021 ANNUAL 1.4 r 7.2 5.8 r 4.6 r -0.3 r 3.1 7.1 r 4.8 

2021 IV 0.5 r 6.5 6.0 r 4.5 -2.3 r 3.9 r 11.0 r 6.9 

 III -1.1 r 5.7 6.8 r 5.4 r 0.0 r 6.5 3.8 r 5.4 

 II 0.2 r 15.1 14.9 r 1.6 r -3.2 r 1.3 r 9.9 r 4.8 

 I 5.9 r 2.4 -3.3 r 6.6 4.5 0.7 r 4.2 r 2.2 

---------------------------------------------------------------------------------------------------

 Indexes 2017=100

2023 ANNUAL 110.5 r 116.2 r 105.1 r 132.3 r 106.1 r 119.7 r 123.1 r 121.2 r

2023 IV 112.1 r 117.9 r 105.2 r 134.5 r 106.6 r 120.0 r 124.6 r 122.0 r

 III 111.2 r 116.9 105.1 r 133.3 r 106.4 r 119.9 r 123.9 r 121.6 

 II 109.9 r 115.3 104.9 r 131.8 r 106.1 r 119.9 r 121.9 r 120.8 

 I 109.1 r 114.7 105.1 r 130.0 r 105.4 r 119.1 r 121.9 r 120.3 

2022 ANNUAL 109.1 r 113.3 103.8 r 126.9 r 105.9 r 116.2 r 118.4 r 117.2 

2022 IV 109.3 r 114.2 104.5 r 127.9 r 104.7 r 117.1 r 121.9 r 119.2 

 III 108.7 r 113.4 104.3 r 127.9 r 105.8 r 117.7 r 118.8 r 118.2 

 II 108.7 r 112.6 103.6 r 125.8 r 105.4 r 115.7 r 118.7 r 117.0 

 I 109.8 r 112.9 102.8 r 125.6 r 107.8 r 114.4 r 114.2 r 114.3 

2021 ANNUAL 111.3 r 111.0 99.7 r 122.4 r 110.5 r 110.0 r 107.7 r 109.0 

2021 IV 111.4 r 113.7 102.1 r 124.9 r 109.6 r 112.1 r 111.5 r 111.9 

 III 110.7 r 111.4 100.6 r 123.1 r 110.3 r 111.2 r 107.6 r 109.6 

 II 111.4 r 110.4 99.1 r 121.5 r 110.6 r 109.1 r 106.5 r 107.9 

 I 111.5 r 108.5 97.3 r 119.7 r 111.1 r 107.4 r 104.9 r 106.3 

---------------------------------------------------------------------------------------------------

See footnotes following Table 6. March 7, 2024

r=revised Source: Bureau of Labor Statistics
-12-

Table 3. Manufacturing sector: Labor productivity, hourly compensation, and unit labor costs,

seasonally adjusted.

 Real

Year Labor Hourly hourly Unit

and produc- Hours compensa- compensa- labor

quarter tivity Output worked tion (1) tion (2) costs

---------------------------------------------------------------------------------------------------

 Percent change from previous quarter at annual rate (5)

2023 ANNUAL -0.8 -0.6 r 0.2 r 5.1 r 0.9 r 5.9 r

2023 IV 1.3 r -2.0 r -3.3 r 6.7 r 3.9 r 5.3 r

 III -1.2 r -0.7 r 0.5 7.7 r 4.1 r 9.0 r

 II 3.6 r 1.1 -2.4 r 7.6 r 4.5 r 3.9 r

 I -1.6 r -0.4 1.2 r 4.6 r 0.7 r 6.3 r

2022 ANNUAL -1.2 r 2.8 4.0 r 3.6 r -4.2 r 4.8 

2022 IV -2.8 r -3.6 -0.9 r 1.1 r -3.0 r 4.0 r

 III -3.1 r 0.4 3.6 r 7.7 2.0 11.1 r

 II 0.8 r 3.0 2.2 r 2.2 r -6.9 r 1.4 r

 I -2.4 r 3.1 5.7 r 1.8 r -6.9 r 4.3 r

2021 ANNUAL 1.5 r 4.9 3.3 r 2.2 r -2.5 r 0.6 

2021 IV -1.5 r 4.8 6.5 r 8.1 r -0.6 r 9.8 r

 III -1.5 r 3.3 4.8 r -1.4 r -7.6 r 0.0 r

 II 4.9 r 6.1 1.2 r 5.3 r -2.5 r 0.4 r

 I -1.1 0.2 1.3 -1.1 r -5.2 r 0.0 r

---------------------------------------------------------------------------------------------------

 Percent change from corresponding quarter of previous year

2023 ANNUAL -0.8 -0.6 r 0.2 r 5.1 r 0.9 r 5.9 r

2023 IV 0.5 r -0.5 -1.0 r 6.6 r 3.3 r 6.1 r

 III -0.5 r -0.9 r -0.4 r 5.2 r 1.5 r 5.8 r

 II -1.0 r -0.7 0.3 r 5.2 r 1.0 r 6.3 

 I -1.7 r -0.2 1.5 r 3.9 r -1.8 r 5.7 r

2022 ANNUAL -1.2 r 2.8 4.0 r 3.6 r -4.2 r 4.8 

2022 IV -1.9 0.7 2.6 r 3.2 r -3.7 r 5.2 r

 III -1.6 r 2.8 4.5 r 4.9 r -3.2 6.6 

 II -1.2 r 3.6 4.8 r 2.6 r -5.5 r 3.8 r

 I -0.2 r 4.3 4.5 r 3.4 r -4.4 r 3.6 r

2021 ANNUAL 1.5 r 4.9 3.3 r 2.2 r -2.5 r 0.6 

2021 IV 0.1 r 3.6 3.4 r 2.6 r -4.0 2.5 r

 III 0.2 r 4.2 4.0 r 2.4 r -2.9 r 2.2 

 II 4.3 r 15.0 10.3 r -1.1 r -5.7 r -5.1 r

 I 1.7 r -1.9 -3.6 r 4.5 r 2.4 r 2.8 r

---------------------------------------------------------------------------------------------------

 Indexes 2017=100

2023 ANNUAL 98.4 r 99.7 r 101.3 r 125.0 r 100.2 r 127.0 r

2023 IV 98.7 r 99.3 r 100.6 r 128.3 r 101.7 r 129.9 r

 III 98.4 r 99.8 r 101.4 r 126.2 r 100.7 r 128.3 r

 II 98.7 r 100.0 101.3 r 123.9 r 99.7 r 125.5 r

 I 97.8 r 99.7 101.9 r 121.6 r 98.6 r 124.3 r

2022 ANNUAL 99.2 r 100.3 101.1 r 119.0 r 99.3 r 119.9 r

2022 IV 98.2 r 99.8 101.6 r 120.3 r 98.5 r 122.5 r

 III 98.9 r 100.8 101.9 r 120.0 r 99.2 r 121.3 r

 II 99.7 r 100.7 101.0 r 117.8 r 98.7 r 118.1 r

 I 99.5 r 99.9 100.4 r 117.1 r 100.5 r 117.7 r

2021 ANNUAL 100.4 r 97.5 97.2 r 114.9 r 103.7 r 114.4 r

2021 IV 100.1 r 99.2 99.0 r 116.6 r 102.3 r 116.4 r

 III 100.5 r 98.0 97.5 r 114.3 r 102.5 r 113.7 r

 II 100.9 r 97.2 96.4 r 114.7 r 104.5 r 113.7 r

 I 99.7 r 95.8 96.1 r 113.3 r 105.1 r 113.6 r

---------------------------------------------------------------------------------------------------

See footnotes following Table 6. March 7, 2024

r=revised Source: Bureau of Labor Statistics
-13-

Table 4. Durable manufacturing sector: Labor productivity, hourly compensation, and unit labor

costs, seasonally adjusted.

 Real

Year Labor Hourly hourly Unit

and produc- Hours compensa- compensa- labor

quarter tivity Output worked tion (1) tion (2) costs

---------------------------------------------------------------------------------------------------

 Percent change from previous quarter at annual rate (5)

2023 ANNUAL -1.1 r 0.2 1.3 r 5.2 r 1.0 r 6.4 r

2023 IV -1.0 r -4.0 r -3.0 r 9.5 r 6.6 r 10.6 r

 III -2.9 r 0.8 r 3.8 r 7.7 r 4.1 r 10.9 r

 II 6.6 r 3.9 -2.5 r 7.8 4.6 r 1.1 r

 I -3.8 r -1.8 2.2 r 5.9 r 2.0 r 10.1 r

2022 ANNUAL -1.1 r 3.6 4.7 2.5 r -5.2 3.6 r

2022 IV -2.7 r -2.7 0.0 r -0.8 r -4.8 r 1.9 r

 III -3.0 r 2.0 5.1 r 7.4 r 1.7 r 10.6 r

 II 2.1 r 5.4 3.2 r 2.7 r -6.5 r 0.6 r

 I -2.1 r 5.6 7.9 r -0.8 r -9.3 r 1.3 r

2021 ANNUAL 0.7 3.8 3.1 3.0 r -1.7 r 2.3 r

2021 IV 0.3 r 5.3 5.0 r 9.4 r 0.6 r 9.1 r

 III -2.1 r 2.7 4.9 r -7.0 r -12.8 r -5.0 r

 II -3.5 r -2.9 0.5 r 8.3 r 0.3 r 12.1 r

 I -3.6 r -0.6 3.0 r 1.1 r -3.1 r 4.8 r

---------------------------------------------------------------------------------------------------

 Percent change from corresponding quarter of previous year

2023 ANNUAL -1.1 r 0.2 1.3 r 5.2 r 1.0 r 6.4 r

2023 IV -0.4 r -0.3 0.1 r 7.7 r 4.3 r 8.1 r

 III -0.8 r 0.0 r 0.8 r 5.1 r 1.4 r 5.9 r

 II -0.8 r 0.3 1.2 r 5.0 r 0.8 r 5.9 r

 I -1.9 r 0.7 2.6 r 3.7 -2.0 5.7 r

2022 ANNUAL -1.1 r 3.6 4.7 2.5 r -5.2 3.6 r

2022 IV -1.4 r 2.5 4.0 r 2.1 r -4.8 r 3.5 r

 III -0.7 r 4.5 5.3 4.6 -3.5 5.3 

 II -0.5 r 4.7 5.2 r 0.9 r -7.1 r 1.4 r

 I -1.8 r 2.6 4.5 r 2.2 r -5.5 r 4.2 

2021 ANNUAL 0.7 3.8 3.1 3.0 r -1.7 r 2.3 r

2021 IV -2.2 r 1.1 3.3 r 2.7 -3.9 5.1 r

 III -2.8 r 0.9 3.8 3.1 r -2.2 r 6.1 r

 II 6.1 r 18.0 11.3 r 0.1 r -4.6 r -5.7 r

 I 2.5 r -2.3 -4.7 r 5.8 r 3.7 r 3.2 r

---------------------------------------------------------------------------------------------------

 Indexes 2017=100

2023 ANNUAL 96.3 r 98.1 r 101.8 r 124.7 r 100.0 r 129.5 r

2023 IV 96.2 r 97.7 r 101.5 r 128.7 r 102.0 r 133.7 r

 III 96.5 r 98.7 r 102.3 r 125.8 r 100.4 r 130.4 r

 II 97.2 r 98.5 101.4 r 123.5 r 99.4 r 127.1 r

 I 95.6 r 97.6 102.0 r 121.2 r 98.3 r 126.7 r

2022 ANNUAL 97.4 r 97.9 100.5 r 118.6 r 99.0 r 121.7 r

2022 IV 96.6 r 98.0 101.5 r 119.5 r 97.8 r 123.7 r

 III 97.2 r 98.7 101.5 r 119.7 r 99.0 r 123.1 r

 II 98.0 r 98.2 100.2 r 117.6 r 98.6 r 120.0 r

 I 97.5 r 96.9 99.4 r 116.8 r 100.2 r 119.9 r

2021 ANNUAL 98.5 r 94.5 96.0 r 115.7 r 104.4 r 117.5 r

2021 IV 98.0 r 95.6 97.6 r 117.1 r 102.7 r 119.5 r

 III 97.9 r 94.4 96.4 r 114.4 r 102.5 r 116.9 r

 II 98.4 r 93.7 95.3 r 116.5 r 106.1 r 118.4 r

 I 99.3 r 94.4 95.1 r 114.2 r 106.0 r 115.1 r

---------------------------------------------------------------------------------------------------

See footnotes following Table 6. March 7, 2024

r=revised Source: Bureau of Labor Statistics
-14-

Table 5. Nondurable manufacturing sector: Labor productivity, hourly compensation, and unit labor

costs, seasonally adjusted.

 Real

Year Labor Hourly hourly Unit

and produc- Hours compensa- compensa- labor

quarter tivity Output worked tion (1) tion (2) costs

---------------------------------------------------------------------------------------------------

 Percent change from previous quarter at annual rate (5)

2023 ANNUAL 0.2 r -1.4 r -1.6 4.6 r 0.4 r 4.3 r

2023 IV 3.8 r 0.0 r -3.6 r 1.2 r -1.5 r -2.5 r

 III 2.7 r -2.2 r -4.8 r 6.8 r 3.3 r 4.0 r

 II 0.7 r -1.7 -2.3 r 7.4 r 4.2 r 6.7 r

 I 1.5 r 0.9 -0.5 r 2.0 r -1.8 r 0.5 r

2022 ANNUAL -1.2 r 1.7 3.0 r 5.5 r -2.4 r 6.8 r

2022 IV -2.4 r -4.6 -2.3 r 4.6 r 0.4 r 7.1 

 III -2.4 r -1.2 1.2 r 7.9 r 2.2 r 10.6 r

 II 0.1 r 0.6 0.5 r 1.2 r -7.8 r 1.1 r

 I -1.6 r 0.6 2.2 r 6.3 r -2.7 r 8.0 r

2021 ANNUAL 0.8 r 4.5 3.6 r 0.7 -4.0 r -0.2 r

2021 IV -4.7 r 3.8 8.9 r 6.1 r -2.4 r 11.4 r

 III -2.0 r 2.6 4.8 r 10.1 3.3 12.4 r

 II 11.9 r 14.4 2.3 r 0.0 r -7.4 r -10.7 r

 I 0.2 r -1.2 -1.4 r -5.6 r -9.5 r -5.7 r

---------------------------------------------------------------------------------------------------

 Percent change from corresponding quarter of previous year

2023 ANNUAL 0.2 r -1.4 r -1.6 4.6 r 0.4 r 4.3 r

2023 IV 2.2 r -0.7 -2.8 r 4.3 r 1.0 r 2.1 r

 III 0.6 r -1.9 r -2.5 r 5.2 r 1.5 r 4.5 r

 II -0.7 r -1.7 -1.0 r 5.4 r 1.2 r 6.1 r

 I -0.8 r -1.1 -0.3 r 3.9 r -1.8 r 4.7 r

2022 ANNUAL -1.2 r 1.7 3.0 r 5.5 r -2.4 r 6.8 r

2022 IV -1.6 r -1.2 0.4 r 5.0 r -2.1 r 6.6 r

 III -2.2 r 0.9 3.2 r 5.4 r -2.8 r 7.7 

 II -2.1 r 1.9 4.0 r 5.9 -2.5 8.1 r

 I 0.7 r 5.2 4.5 r 5.6 r -2.4 r 4.9 r

2021 ANNUAL 0.8 r 4.5 3.6 r 0.7 -4.0 r -0.2 r

2021 IV 1.1 r 4.7 3.6 r 2.5 r -4.1 r 1.3 

 III 1.5 r 5.9 4.3 r 1.0 r -4.2 r -0.5 r

 II 1.4 r 10.3 8.8 r -3.5 r -8.0 r -4.8 r

 I -0.9 r -2.5 -1.7 r 2.3 r 0.3 r 3.2 r

---------------------------------------------------------------------------------------------------

 Indexes 2017=100

2023 ANNUAL 99.7 r 100.2 r 100.4 r 125.4 r 100.5 r 125.7 r

2023 IV 100.8 r 99.8 r 99.0 r 127.2 r 100.8 r 126.2 r

 III 99.8 r 99.8 r 99.9 r 126.8 r 101.2 r 127.0 r

 II 99.2 r 100.3 101.2 r 124.7 r 100.4 r 125.8 r

 I 99.0 r 100.8 101.8 r 122.5 r 99.4 r 123.8 r

2022 ANNUAL 99.5 r 101.5 102.0 r 119.9 r 100.1 r 120.5 r

2022 IV 98.6 r 100.5 101.9 r 121.9 r 99.8 r 123.6 r

 III 99.2 r 101.7 102.5 r 120.6 r 99.7 r 121.5 r

 II 99.8 r 102.0 102.2 r 118.3 r 99.2 r 118.5 r

 I 99.8 r 101.9 102.1 r 118.0 r 101.2 r 118.2 r

2021 ANNUAL 100.8 r 99.9 99.1 r 113.6 r 102.6 r 112.8 r

2021 IV 100.2 r 101.7 101.5 r 116.2 r 101.9 r 115.9 r

 III 101.4 r 100.8 99.4 r 114.4 r 102.5 r 112.9 r

 II 101.9 r 100.1 98.2 r 111.7 r 101.7 r 109.6 r

 I 99.1 r 96.8 97.7 r 111.7 r 103.7 r 112.7 r

---------------------------------------------------------------------------------------------------

See footnotes following Table 6. March 7, 2024

r=revised Source: Bureau of Labor Statistics
-15-

Table 6. Nonfinancial corporate sector: Labor productivity, hourly compensation, unit labor costs,

unit profits, and prices, seasonally adjusted.

 Value-

 Real added Unit

 Hourly hourly output Unit combined

Year Labor compen- compen- Unit price nonlabor input Unit

and produc- Hours sation sation labor deflator costs costs profits

quarter tivity Output worked (1) (2) costs (4) (6) (7) (8)

---------------------------------------------------------------------------------------------------------

 Percent change from previous quarter at annual rate (5)

2023 III 3.2 r 3.9 r 0.7 r 4.9 r 1.4 r 1.6 r 1.9 -3.8 r -0.1 r 13.0 r

 II 1.7 r 1.2 -0.4 r 6.7 r 3.5 r 4.9 3.1 -2.4 2.6 6.0 

 I 1.5 r 4.3 2.7 r 6.6 r 2.6 r 5.0 0.0 2.3 4.1 -18.8 

2022 ANNUAL -1.0 3.1 4.2 4.1 -3.7 5.2 7.5 11.8 7.2 9.1 

2022 IV -0.6 r -0.1 0.5 r 1.1 r -3.0 r 1.7 1.1 2.2 1.8 -2.3 

 III 1.2 r 5.0 3.8 r 6.5 r 0.9 r 5.2 3.1 1.1 3.9 -0.6 

 II -2.6 r 0.6 3.3 r 1.6 r -7.4 r 4.3 11.2 9.1 5.8 42.8 

 I -1.9 r 0.8 2.7 r 2.9 r -5.9 r 4.9 10.4 22.8 10.2 11.7 

2021 ANNUAL 3.3 r 9.0 5.5 r 4.4 r -0.4 r 1.0 4.8 3.8 1.8 23.3 

2021 IV -2.5 5.2 8.0 4.1 r -4.2 6.9 7.7 18.6 10.3 -4.7 

 III 2.5 r 7.0 4.4 r 8.5 r 1.8 r 5.9 3.6 15.2 8.6 -17.9 

 II -0.3 r 6.4 6.7 r 6.0 r -1.8 r 6.3 8.5 -12.0 0.4 59.6 

 I 4.3 r 7.7 3.3 r 0.4 r -3.8 r -3.8 5.7 5.6 -1.0 53.3 

---------------------------------------------------------------------------------------------------------

 Percent change from corresponding quarter of previous year

2023 III 1.4 r 2.3 r 0.9 4.8 r 1.1 r 3.3 r 1.5 -0.5 r 2.1 -1.3 r

 II 0.9 r 2.6 1.6 5.2 1.0 r 4.2 1.8 0.7 3.1 -4.4 

 I -0.1 r 2.4 2.6 r 3.9 r -1.8 r 4.1 3.8 3.6 3.9 3.0 

2022 ANNUAL -1.0 3.1 4.2 4.1 -3.7 5.2 7.5 11.8 7.2 9.1 

2022 IV -1.0 r 1.6 2.6 r 3.0 r -3.9 r 4.0 6.4 8.5 5.4 11.5 

 III -1.5 2.9 4.4 3.8 -4.2 5.3 8.1 12.6 7.5 10.8 

 II -1.2 3.4 4.6 4.3 -4.0 5.5 8.2 16.3 8.7 5.7 

 I -0.6 4.8 5.4 r 5.4 r -2.6 6.0 7.5 10.2 7.3 8.7 

2021 ANNUAL 3.3 r 9.0 5.5 r 4.4 r -0.4 r 1.0 4.8 3.8 1.8 23.3 

2021 IV 1.0 6.6 5.6 r 4.7 r -2.0 3.7 6.4 6.1 4.4 17.6 

 III 4.3 r 10.9 6.3 r 5.5 r 0.1 r 1.1 4.0 14.3 4.7 0.5 

 II 2.6 r 17.1 14.1 r 0.7 r -4.0 r -1.9 5.6 3.1 -0.5 48.8 

 I 5.8 r 2.4 -3.2 6.5 4.4 0.7 3.3 -5.6 -1.3 37.5 

---------------------------------------------------------------------------------------------------------

 Indexes 2017=100

2023 III 111.8 r 118.0 r 105.5 r 134.4 r 107.3 r 120.3 r 121.8 r 110.0 r 116.9 r 154.6 r

 II 110.9 r 116.9 105.4 r 132.8 r 106.9 r 119.8 121.2 111.1 117.0 150.0 

 I 110.4 r 116.5 105.5 r 130.7 r 106.0 r 118.4 120.3 111.8 116.2 147.8 

2022 ANNUAL 110.2 r 114.6 104.0 r 127.3 r 106.3 r 115.5 118.8 110.0 113.7 153.2 

2022 IV 110.0 r 115.3 104.8 r 128.6 r 105.3 r 116.9 120.3 111.2 115.0 155.7 

 III 110.2 r 115.3 104.7 r 128.3 r 106.1 r 116.4 120.0 110.6 114.5 156.6 

 II 109.9 r 113.9 103.7 r 126.3 r 105.9 r 115.0 119.0 110.3 113.4 156.9 

 I 110.6 r 113.7 102.9 r 125.8 r 107.9 r 113.8 115.9 107.9 111.8 143.5 

2021 ANNUAL 111.4 r 111.1 99.7 r 122.3 r 110.4 r 109.8 110.5 98.4 106.1 140.4 

2021 IV 111.1 r 113.5 102.2 r 124.9 r 109.6 r 112.4 113.1 102.5 109.2 139.6 

 III 111.8 r 112.1 100.2 r 123.6 r 110.8 r 110.5 111.0 98.2 106.5 141.3 

 II 111.1 r 110.2 99.2 r 121.1 r 110.3 r 109.0 110.0 94.8 104.3 148.4 

 I 111.2 r 108.5 97.6 r 119.4 r 110.8 r 107.3 107.8 97.9 104.2 132.0 

---------------------------------------------------------------------------------------------------------

See footnotes following Table 6. March 7, 2024

r=revised Source: Bureau of Labor Statistics
-16-

SOURCES: Output data are from the Bureau of Economic Analysis and the Census Bureau of the U.S. 

Department of Commerce; the Bureau of Labor Statistics, U.S. Department of Labor; and the Federal 

Reserve Board. Hours and compensation data are from the Bureau of Labor Statistics and the Bureau of

Economic Analysis.

SIZE OF REVISIONS: Productivity and cost measures are revised on a regular schedule as more 

complete data become available. The first estimate is published within 40 days of the close of the 

reference quarter, the second estimate approximately 30 days later, and the third estimate approximately 

60 days after the second estimate. Based on past revisions, the third estimate of nonfarm business sector 

quarterly labor productivity growth has differed from the first estimate by -1.1 to +1.3 percentage point 

about 80 percent of the time. This interval is based on estimates for reference quarters from the first 

quarter of 2001 to the third quarter of 2023. For more about revisions to labor productivity growth see 

“Revisions to BLS quarterly labor productivity estimates: How large are they?” at 

www.bls.gov/opub/mlr/2022/article/revisions-to-bls-quarterly-labor-productivity-estimates-how-largeare-they.htm.

Table Footnotes

(1) Wages and salaries of employees plus employers' contributions for social insurance and private

benefit plans. Except for nonfinancial corporations, where there are no self-employed, data also include

an estimate of wages, salaries, and supplemental payments for the self-employed.

(2) The change for recent quarters is based on the Consumer Price Index for all urban consumers 

(CPI-U). The trend from 1978-2022 is based on the Consumer Price Index Retroactive series (CPI-URS).

(3) Unit nonlabor payments include profits, consumption of fixed capital, taxes on production and 

imports less subsidies, net interest and miscellaneous payments, business current transfer payments, 

rental income of persons, and the current surplus of government enterprises.

(4) Current dollar output divided by the output index.

(5) Quarterly changes: Percent change compounded at annual rate is calculated using index numbers to 

three decimal places. Indexes published in the news release are rounded to one decimal place for

convenience. Annual changes: Percent change is calculated using annual indexes to three decimal 

places.

(6) Unit nonlabor costs include consumption of fixed capital, taxes on production and imports less 

subsidies, net interest and miscellaneous payments, and business current transfer payments.

(7) Total unit costs are the sum of unit labor and nonlabor costs.

(8) Unit profits include corporate profits before tax with inventory valuation and capital consumption 

adjustment.