Pic: Adobe Stock/AntonioDiaz
In the durable manufacturing sector, productivity decreased 4.4 per cent, with a 1.8 per cent decrease in output and a 2.7 per cent increase in hours worked. Nondurable manufacturing sector productivity increased 2.7 per cent, as output increased 2.8 per cent and hours worked increased 0.1 per cent. Total manufacturing sector productivity decreased 1.2 per cent from the same quarter a year ago, according to preliminary data released by the US Bureau of Labor Statistics.
Unit labour costs in the total manufacturing sector increased 3.4 per cent in Q1 2023, reflecting a 2.1 per cent increase in hourly compensation and a 1.3 per cent decrease in productivity. Manufacturing unit labour costs increased 5.8 per cent from the same quarter a year ago.
Total manufacturing sector productivity was revised down 0.3 percentage point to a decrease of 3.0 per cent in Q4 2022, reflecting a 0.4 percentage point downward revision to output and a 0.1 percentage point downward revision to hours worked. Unit labour costs in the manufacturing sector were revised up 0.3 percentage point to an increase of 8.0 per cent during Q4 2022. Labour productivity was revised up 1.0 percentage point in the durable manufacturing sector to a decrease of 2.1 per cent. In the nondurable manufacturing sector, labour productivity was revised down 1.7 percentage points to a decrease of 3.9 per cent.
For the manufacturing sector, annual average productivity growth in 2022 was revised down 0.3 percentage point to a decrease of 1.3 per cent, reflecting a 0.2 percentage point downward revision to output.
Fibre2Fashion News Desk (NB)