Manufacturing productivity rises
Manufacturing sector productivity rose 5.2 percent in the first quarter of 2012, as output grew 10.0 percent and hours worked increased 4.6 percent.
However, total nonfarm business sector labor productivity decreased at a 0.9 percent annual rate during the first quarter, the U.S. Bureau of Labor Statistics reported today.
Over the last four quarters, manufacturing sector productivity increased 2.3 percent, as output increased 5.3 percent and hours rose 2.9 percent, the largest four-quarter increase in hours worked since the first quarter of 1997 (3.0 percent).
Manufacturing hourly compensation declined 0.7 percent from the first quarter of 2011 to the first quarter of 2012--the first four-quarter decline in the measure. Real hourly compensation fell 3.4 percent over the last four quarters, the largest decline in the measure, which begins in the first quarter of 1988. Unit labor costs in manufacturing fell 4.9 percent in the first quarter of 2012 and decreased 2.9 percent from the same quarter a year ago.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
