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.