2023 Fourth Quarter (Revised) Productivity and Costs — 2024-03-07

(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-labor- productivity-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.