2Q labor productivity increased by 4.1 percent
Nonfarm business sector labor productivity decreased 4.1 percent in the second quarter of 2022, according to the U.S. Bureau of Labor Statistics.
Manufacturing sector labor productivity increased 4.7 percent in the second quarter of 2022, as output increased 4.0 percent and hours worked decreased 0.7 percent.
In the durable manufacturing sector, productivity increased 4.9 percent, with a 5.3-percent increase in output and a 0.4-percent increase in hours worked. Nondurable manufacturing sector productivity increased 5.2 percent, as output increased 2.7 percent and hours worked decreased 2.4 percent. Total manufacturing sector productivity increased 0.2 percent from the same quarter a year ago.
The manufacturing labor productivity index is 4.7 percent higher in second-quarter 2022 than in fourth-quarter 2019, corresponding to an annual labor productivity growth rate of 1.9 percent during that period. Manufacturing sector output is now 3.5 percent above its level in the fourth quarter of 2019, the last quarter not affected by the COVID-19 pandemic.
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.
