Manufacturing & The Economy
Nonfarm business sector labor productivity increased at a 3.2% annual rate during the fourth quarter of 2013, the U.S. Bureau of Labor Statistics reports. The increase in productivity reflects increases of 4.9% in output and 1.7% in hours worked.
Manufacturing sector productivity increased 2.0% in the fourth quarter of 2013, as output and hours worked increased 6.6% and 4.4%, respectively. Productivity increased 3.4% in the durable goods sector and increased 1.0% in the nondurable goods sector. Over the last four quarters, manufacturing productivity increased 2.1%, as output increased 3.3% and hours increased 1.2%. Unit labor costs in manufacturing fell 1.0% in the fourth quarter of 2013 and declined 0.9% from the same quarter a year ago.