Unit labor costs in the US nonfarm business sector jumped an annualized 8.3 percent in the third quarter of 2021, more than market forecasts of 7 percent rise and following a downwardly revised 1.1 percent gain in the previous period. It reflects a 2.9 percent increase in hourly compensation and a 5.0 percent drop in productivity. Unit labor costs increased 4.8 percent over the last four quarters, as hourly compensation increased 4.3 percent and productivity increased an upwardly revised 1.9 percent. source: U.S. Bureau of Labor Statistics

Labour Costs in the United States averaged 62.03 points from 1950 until 2021, reaching an all time high of 120.92 points in the third quarter of 2021 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 November of 2021.

Labour Costs in the United States is expected to be 129.07 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 133.72 points in 2022 and 139.07 points in 2023, according to our econometric models.

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United States Nonfarm Unit Labour Cost


Calendar GMT Actual Previous Consensus TEForecast
2021-09-02 12:30 PM Unit Labour Costs QoQ Final Q2 1.3% -2.8% 0.9% 1%
2021-11-04 12:30 PM Unit Labour Costs QoQ Prel Q3 8.3% 1.1% 7% 4.9%


Related Last Previous Unit Reference
Unemployment Rate 4.60 4.80 percent Oct/21
Non Farm Payrolls 531.00 312.00 Thousand Oct/21
Nonfarm Payrolls Private 604.00 365.00 Thousand Oct/21
Government Payrolls -73.00 -53.00 Thousand Oct/21
Manufacturing Payrolls 60.00 31.00 Thousand Oct/21
Initial Jobless Claims 199.00 270.00 Thousand Nov/21
Continuing Jobless Claims 2049.00 2109.00 Thousand Nov/21
Unemployed Persons 7419.00 7674.00 Thousand Oct/21
Employed Persons 154039.00 153680.00 Thousand Oct/21
Average Hourly Earnings 0.40 0.60 percent Oct/21
Average Weekly Hours 34.70 34.80 Hours Oct/21
Labor Force Participation Rate 61.60 61.60 percent Oct/21
Long Term Unemployment Rate 1.44 1.66 percent Oct/21
Youth Unemployment Rate 8.70 9.00 percent Oct/21
Productivity 111.33 112.76 points Sep/21
Labour Costs 120.92 118.55 points Sep/21
Job Vacancies 10507.00 10679.00 Thousand Sep/21
Job Offers 10438.00 10629.00 Thousand Sep/21
Wages 26.26 26.16 USD/Hour Oct/21
Wages in Manufacturing 24.24 24.19 USD/Hour Oct/21
Employment Cost Index 1.30 0.70 percent Sep/21
Jobless Claims 4-week Average 252.25 273.25 Thousand Nov/21
Part Time Employment 25906.00 25747.00 Thousand Oct/21
Full Time Employment 128306.00 128027.00 Thousand Oct/21
Employment Rate 58.80 58.70 percent Oct/21

News Stream
US Q3 Labor Costs Jump More than Expected
Unit labor costs in the US nonfarm business sector jumped an annualized 8.3 percent in the third quarter of 2021, more than market forecasts of 7 percent rise and following a downwardly revised 1.1 percent gain in the previous period. It reflects a 2.9 percent increase in hourly compensation and a 5.0 percent drop in productivity. Unit labor costs increased 4.8 percent over the last four quarters, as hourly compensation increased 4.3 percent and productivity increased an upwardly revised 1.9 percent.
2021-11-04
US Labour Costs Rise More than Initially Thought
Unit labor costs in the US nonfarm business sector increased an annualized 1.3 percent in the second quarter of 2021, compared to initial estimates of a 1 percent gain and following a 2.8 percent drop in the previous period. It reflects a 3.4 percent increase in hourly compensation and a 2.1 percent increase in productivity. Unit labor costs increased 0.2 percent over the last four quarters, as hourly compensation increased 2.0 percent and productivity increased 1.8 percent.
2021-09-02
US Nonfarm Labor Costs Rise Less than Expected
Unit labor costs in the US nonfarm business sector increased an annualized 1 percent in the second quarter of 2021, following a revised 2.8 percent drop in the previous period and compared with market expectations of a 1.1 percent rise, a preliminary estimate showed. Hourly compensation rose 3.3 percent (vs 1.4 percent in Q1) and productivity advanced 2.3 percent (vs 4.3 percent). Unit labor costs increased 0.1 percent over the last four quarters, as hourly compensation increased 2 percent and productivity increased 1.9 percent.
2021-08-10

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.