Productivity increased 5.4 percent in Q1
Labor productivity increased 5.4 percent in the first quarter of 2021, the U.S. Bureau of Labor Statistics reported today, as output increased 8.6 percent and hours worked increased 3.0 percent.
Manufacturing sector labor productivity decreased 1.7 percent in the first quarter of 2021, as output increased 1.4 percent and hours worked increased 3.1 percent. Manufacturing productivity increased 1.8 percent from the same quarter a year ago.
Unit labor costs in the total manufacturing sector increased 10.7 percent in the first quarter of 2021, reflecting an 8.9-percent increase in hourly compensation and a 1.7-percent decrease in productivity. Manufacturing unit labor costs increased 5.1 percent from the same quarter a year ago.
Following strong growth in the fourth quarter of 2020, manufacturing output and hours worked saw more modest growth rates in the first quarter of 2021. These measures have not yet fully recovered from the historic declines of the second quarter of 2020; output and hours remain 2.3 percent and 4.4 percent below their fourth-quarter 2019 levels.
Durable goods manufacturing productivity increased 1.1 percent in the first quarter of 2021, reflecting a 5.7-percent increase in output and a 4.6-percent increase in hours worked. Nondurable goods manufacturing productivity decreased 3.7 percent in the first quarter of 2021, as output decreased 3.0 percent and hours worked increased 0.7 percent.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
