Unit labor costs in the US nonfarm business sector increased 1 percent in the fourth quarter of 2022, below market forecasts of a 1.5 percent rise and following a downwardly revised 2 percent gain in the previous period, a preliminary release showed. It is the smallest increase in labor costs since the first quarter of 2021, reflecting a 4.1 percent increase in hourly compensation and a 3.0 percent increase in productivity. Year-on-year, labor costs were up 4.5 percent, easing from a 5.2 percent rise. In 2022, unit labor costs advanced by 5.7 percent, after a 2.4 percent increase in 2021. source: U.S. Bureau of Labor Statistics

Labour Costs in the United States averaged 63.08 points from 1950 until 2022, reaching an all time high of 126.80 points in the fourth quarter of 2022 and a record low of 17.01 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 February of 2023.

Labour Costs in the United States is expected to be 130.66 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Nonfarm Unit Labour Cost is projected to trend around 132.44 points in 2024 and 135.35 points in 2025, according to our econometric models.

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United States Nonfarm Unit Labour Cost



Calendar GMT Actual Previous Consensus TEForecast
2022-12-07 01:30 PM Unit Labour Costs QoQ Final Q3 2.4% 8.9% 3.1% 3.5%
2023-02-02 01:30 PM Unit Labour Costs QoQ Prel Q4 1.1% 2% 1.5% 1.7%


Related Last Previous Unit Reference
Unemployment Rate 3.40 3.50 percent Jan 2023
Non Farm Payrolls 517.00 260.00 Thousand Jan 2023
Government Payrolls 74.00 -9.00 Thousand Jan 2023
Nonfarm Payrolls Private 443.00 269.00 Thousand Jan 2023
Manufacturing Payrolls 19.00 12.00 Thousand Jan 2023
Initial Jobless Claims 183.00 186.00 Thousand Jan 2023
Continuing Jobless Claims 1655.00 1666.00 Thousand Jan 2023
Unemployed Persons 5694.00 5722.00 Thousand Jan 2023
Employed Persons 160138.00 159244.00 Thousand Jan 2023
Average Hourly Earnings 0.30 0.40 percent Jan 2023
Average Weekly Hours 34.70 34.40 Hours Jan 2023
Labor Force Participation Rate 62.40 62.30 percent Jan 2023
Long Term Unemployment Rate 0.67 0.65 percent Jan 2023
Youth Unemployment Rate 8.00 8.20 percent Jan 2023
Productivity 114.28 113.42 points Dec 2022
Labour Costs 126.80 126.50 points Dec 2022
Job Vacancies 9957.00 9756.00 Thousand Dec 2022
Job Offers 11012.00 10440.00 Thousand Dec 2022
Wages 28.26 28.19 USD/Hour Jan 2023
Wages in Manufacturing 25.93 25.65 USD/Hour Jan 2023
Employment Cost Index 1.00 1.20 percent Dec 2022
Part Time Employment 27400.00 26794.00 Thousand Jan 2023
Full Time Employment 132577.00 132299.00 Thousand Jan 2023
Employment Rate 60.20 60.10 percent Jan 2023
Jobless Claims 4-week Average 191.75 197.50 Thousand Jan 2023

United States Nonfarm Unit Labour Cost
Labour Costs refers to the relationship between compensation per hour and labor productivity, or real output per hour, and can be used as an indicator of inflationary pressure on producers.
Actual Previous Highest Lowest Dates Unit Frequency
126.80 126.50 126.80 17.01 1950 - 2022 points Quarterly
2012=100, SA

News Stream
US Labor Costs Rise Less than Expected
Unit labor costs in the US nonfarm business sector increased 1 percent in the fourth quarter of 2022, below market forecasts of a 1.5 percent rise and following a downwardly revised 2 percent gain in the previous period, a preliminary release showed. It is the smallest increase in labor costs since the first quarter of 2021, reflecting a 4.1 percent increase in hourly compensation and a 3.0 percent increase in productivity. Year-on-year, labor costs were up 4.5 percent, easing from a 5.2 percent rise. In 2022, unit labor costs advanced by 5.7 percent, after a 2.4 percent increase in 2021.
2023-02-02
US Unit Labour Costs Revised Lower
Unit labor costs in the US nonfarm business sector increased 2.4% in the third quarter of 2022, below a preliminary estimate of 3.5% and market forecasts of 3.1%. It reflects a 3.2% increase in hourly compensation and a 0.8% increase in productivity. Year-on-year, labor costs were up 5.3%. Considering the manufacturing sector, unit labor costs were up 5.8%, reflecting a 2.7% increase in hourly compensation and a 2.9% decrease in productivity.
2022-12-07
US Labor Costs Rise Less than Expected
Unit labor costs in the US nonfarm business sector surged by 3.5 percent in the third quarter of 2022, below market forecasts of a 4.1 percent increase and following a downwardly revised 8.9 percent gain in the previous period, a preliminary release showed. It reflects a 3.8 percent increase in hourly compensation and a 0.3 percent gain in productivity. Unit labor costs increased 6.1 percent over the last four quarters.
2022-11-03