2024 First Quarter (Preliminary) Productivity and Costs — 2024-05-02

Nonfarm business sector labor productivity increased 0.3 percent in the first quarter of 2024, the U.S. Bureau of Labor Statistics reported today, as output increased 1.3 percent and hours worked increased 1.0 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 2.9 percent. (See table A1.) Unit labor costs in the nonfarm business sector increased 4.7 percent in the first quarter of 2024, reflecting a 5.0-percent increase in hourly compensation and a 0.3-percent increase in productivity. Unit labor costs increased 1.8 percent over the last four quarters. (See tables A1 and 2.) Hours worked and related series, including labor productivity, were incorrect in the Productivity and Costs (R) Fourth Quarter and Annual Averages 2023 news release published March 7, 2024, as well as in the related data tables, charts, and database.