Productivity increased by 2.3 percent in Q2
Productivity increased 2.3 percent in the second quarter of 2021, as output increased 7.9 percent and hours worked increased 5.5 percent.
From the second quarter of 2020 to the second quarter of 2021, nonfarm business sector labor productivity increased 1.9 percent.
Unit labor costs in the nonfarm business sector increased at an annual rate of 1.0 percent in the second quarter of 2021, the combined effect of a 3.3-percent increase in hourly compensation and a 2.3-percent increase in productivity. Unit labor costs increased 0.1 percent over the last four quarters, as hourly compensation increased 2.0 percent and productivity increased 1.9 percent.
Manufacturing sector labor productivity increased 6.9 percent in the second quarter of 2021, as output increased 3.8 percent and hours worked decreased 2.9 percent. Although productivity also increased in both manufacturing subsectors, these gains reflected different underlying conditions. In the durable manufacturing sector, productivity increased 4.6 percent as a 1.4-percent decrease in output was
outpaced by a 5.7-percent decrease in hours worked. In contrast, nondurable manufacturing sector productivity increased 7.8 percent as output (9.9 percent) grew faster than hours worked (2.0 percent). Manufacturing productivity increased 6.8 percent from the same quarter a year ago.
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.
