Unit labor costs in the US nonfarm business sector increased an annualized 5.1 percent in the first quarter of 2020, higher than a preliminary estimate of 4.8 percent and after an upwardly revised 2.2 percent rise in the prior period. It is the biggest increase in labor costs since a 5.7 percent rise in the first quarter of 2019. Hourly compensation went up 4.2 (from an initial 2.2 percent), while productivity decreased 0.9 percent (from an initial -2.5 percent). Unit labor costs increased 1.9 percent over the last four quarters.
Labour Costs in the United States averaged 60.74 points from 1950 until 2020, reaching an all time high of 113.40 points in the first quarter of 2020 and a record low of 17 points in the first quarter of 1950. This page provides the latest reported value for - United States Labour Costs - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Nonfarm Unit Labour Cost - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.
Labour Costs in the United States is expected to be 107.16 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Labour Costs in the United States to stand at 114.55 in 12 months time. In the long-term, the United States Nonfarm Unit Labour Cost is projected to trend around 116.13 points in 2021 and 120.31 points in 2022, according to our econometric models.