Unit labor costs in the US nonfarm business sector jumped an annualized 6.8 percent in the fourth quarter of 2020, rebounding from an upwardly revised 7 percent drop in the previous period and compared with market forecast of a 4 percent rise, a preliminary estimate showed. Hourly compensation climbed 1.7 percent and productivity fell 4.8 percent. Year-on-year, unit labor costs in the nonfarm business sector rose 5.2 percent. Considering full 2020, unit labor costs went up 4.3 percent. source: U.S. Bureau of Labor Statistics

Labour Costs in the United States averaged 61.33 points from 1950 until 2020, reaching an all time high of 117.74 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 February of 2021.

Labour Costs in the United States is expected to be 118.03 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 121.55 in 12 months time. In the long-term, the United States Nonfarm Unit Labour Cost is projected to trend around 125.93 points in 2022 and 130.97 points in 2023, according to our econometric models.

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United States Nonfarm Unit Labour Cost

Actual Previous Highest Lowest Dates Unit Frequency
117.56 115.63 117.74 17.00 1950 - 2020 points Quarterly
2012=100, SA


Calendar GMT Actual Previous Consensus TEForecast
2020-09-03 12:30 PM Unit Labour Costs QoQ Final Q2 9% 9.6% 12.1% 12.2%
2020-11-05 01:30 PM Unit Labour Costs QoQ Prel Q3 -8.9% 8.5% -11.5% -10%
2020-12-08 01:30 PM Unit Labour Costs QoQ Final Q3 -6.6% 12.3% -8.9% -8.9%
2021-02-04 01:30 PM Unit Labour Costs QoQ Prel Q4 6.8% -7% 4% 3.2%


News Stream
US Q4 Nonfarm Labor Costs Rise More than Expected
Unit labor costs in the US nonfarm business sector jumped an annualized 6.8 percent in the fourth quarter of 2020, rebounding from an upwardly revised 7 percent drop in the previous period and compared with market forecast of a 4 percent rise, a preliminary estimate showed. Hourly compensation climbed 1.7 percent and productivity fell 4.8 percent. Year-on-year, unit labor costs in the nonfarm business sector rose 5.2 percent. Considering full 2020, unit labor costs went up 4.3 percent.
2021-02-04
US Q3 Nonfarm Labor Costs Fall Less than Anticipated
Unit labor costs in the US nonfarm business sector slumped at an annual rate of 6.6 percent in the third quarter of 2020, compared to a preliminary estimate of an 8.9 percent fall and following an upwardly revised 12.3 percent rise in the prior period. The third-quarter decline in unit labor costs followed three consecutive quarterly increases. Hourly compensation decreased 2.3 percent and productivity increased 4.6 percent. Year-on-year, unit labor costs in the nonfarm business sector rose 4 percent.
2020-12-08
US Q3 Nonfarm Labor Costs Drop the Most since 2009
Unit labor costs in the US nonfarm business sector plunged 8.9 percent in the third quarter of 2020, following a 9 percent rise in the previous period and compared with market forecast of a 11.5 percent slump, a preliminary estimate showed. It is the biggest decline in labour cost since a 13.4 percent drop in the first quarter of 2009, reflecting a 4.4 percent decrease in hourly compensation and a 4.9 percent gain in productivity.
2020-11-05
US Q2 Nonfarm Labor Costs Revised Lower
Unit labor costs in the US nonfarm business sector climbed at an annual rate of 9.0 percent in the second quarter of 2020, compared to a preliminary estimate of a 12.2 percent gain and following a 9.6 percent rise in the prior period. A 20 percent increase in hourly compensation outpaced the 10.1 percent increase in productivity.
2020-09-03

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.