Productivity increased 7.3 percent in 2Q
Productivity increased 7.3 percent in the second quarter of 2020, as output decreased 38.9 percent and hours worked decreased 43.0 percent.
In the four quarters from the second quarter of 2019 to the second quarter of 2020, productivity increased 2.2 percent, reflecting an 11.8-percent decrease in output and a 13.7-percent decrease in hours worked.
Manufacturing sector labor productivity decreased at a 15.5 percent annual rate in the second quarter of 2020, as output fell 47.0 percent and hours worked dropped 37.3 percent. These were the largest quarterly declines in each of these series, which begin with data for 1987.
Total manufacturing sector productivity declined 4.1 percent over the last four quarters, as output decreased 15.8 percent and hours worked decreased 12.2 percent. Productivity decreased 28.4 percent in the durable manufacturing sector in the second quarter of 2020, reflecting a 58.1-percent decrease in output and a 41.5-percent decrease in hours worked. Productivity decreased 4.9 percent in the nondurable manufacturing sector, as output decreased 33.2 percent and hours worked decreased 29.8 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.
