Productivity increased 10.1 percent in Q2
Nonfarm business sector labor productivity increased 10.1 percent in the second quarter of 2020, the U.S. Bureau of Labor Statistics reported today, as output decreased 37.1 percent and hours worked decreased 42.9 percent.
The 10.1-percent increase in nonfarm business sector labor productivity in the second quarter of 2020 is the largest quarterly increase since the first quarter of 1971.
Manufacturing sector labor productivity decreased at a 14.6 percent annual rate in the second quarter of 2020, as output fell 47.0 percent and hours worked dropped 38.0 percent. These were the largest quarterly declines in each of these series, which begin with data for 1987. Total manufacturing sector productivity declined 3.7 percent over the last four quarters, as output decreased 15.7 percent and hours worked decreased 12.4 percent. For the second quarter of 2020, durable manufacturing saw a 26.9-percent decrease in productivity, reflecting a 57.9-percent decrease in output and a 42.4-percent decrease
in hours worked. Nondurable manufacturing saw a 5.1-percent decrease in productivity, as output decreased 33.5 percent and hours worked decreased 30.0 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.
