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Friday, March 22, 2019 5:01:44 AM EDT

Productivity-Prel Updated 07-Mar-19 09:19AM ET

Nonfarm business sector labor productivity increased 1.9% ( consensus 1.7%) in the fourth quarter.

Unit labor costs increased 2.0% ( consensus 1.5%).

The increase in Q4 productivity was driven by output increasing 3.1% and hours worked increasing 1.2%.

From the fourth quarter of 2017 to the fourth quarter of 2018, productivity increased 1.8%.

Unit labor costs were up 1.0% over the last four quarters.

The key takeaway from the report is that the annual average productivity from 2017 to 2018 was a lowly 1.3%, which is below the long-term rate of 2.1% from 1947 to 2018.
Nonfarm Business Sector
Productivity Q/Q1.9%1.8%2.8%0.6%-0.4%
Unit Labor Costs Q/Q2.0%1.6%-2.8%3.5%2.3%
Productivity Y/Y1.8%1.2%1.3%1.0%1.0%
Unit Labor Costs Y/Y1.0%1.1%1.4%2.0%2.2%