Unit labor costs in the US nonfarm business sector decreased an annualized 0.3 percent in the first quarter of 2021, following a downwardly revised 5.6 percent rise in the previous period and compared with market expectations of a 0.8 percent drop, a preliminary estimate showed. It is the first decline in labor costs since the third quarter of 2020, reflecting a 5.1 percent increase in hourly compensation and a 5.4 percent gain in productivity. Unit labor costs increased 1.6 percent over the last four quarters, as hourly compensation rose 5.8 percent and productivity increased 4.1 percent. They have also been distorted by the pandemic's disproportionate impact on lower-wage industries. source: U.S. Bureau of Labor Statistics
Labour Costs in the United States averaged 61.51 points from 1950 until 2021, reaching an all time high of 117.68 points in the second 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 May of 2021.
Labour Costs in the United States is expected to be 121.91 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 119.80 in 12 months time. In the long-term, the United States Nonfarm Unit Labour Cost is projected to trend around 124.71 points in 2022 and 129.70 points in 2023, according to our econometric models.