Productivity increased in Q2
Nonfarm business sector labor productivity increased at a 2.2 percent annual rate during the second quarter of 2012, the U.S. Bureau of Labor Statistics reported today.
The increase in productivity reflects increases of 2.4 percent in output and 0.1 percent in hours worked. From the second quarter of 2011 to the second quarter of 2012, productivity increased 1.2 percent as output and hours worked rose 3.0 percent and 1.7 percent, respectively.
Manufacturing sector productivity rose 0.1 percent in the second quarter of 2012, as output grew 1.5 percent and hours worked increased 1.4 percent. Productivity increased 3.7 percent in the durable goods sector in contrast to the decrease of 3.8 percent in the nondurable goods sector. Over the last four quarters, manufacturing productivity increased 2.9 percent, as output increased 5.5 percent and hours rose 2.6 percent. Unit labor costs in manufacturing rose 0.8 percent in the second quarter of 2012 and decreased 2.4 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.
