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U.S. unit labor costs - quarterly change in the nonfarm business sector 2017-2020

In the United States, nonfarm business sector unit labor costs increased by 6.8 percent in the fourth quarter of 2020 compared to the previous quarter. The data are seasonally adjusted at annual rates. Unit labor costs describe the relationship between compensation per hour and productivity, or real output per hour, and can be used as an indicator of inflationary pressure on producers. Increases in hourly compensation increase unit labor costs; labor productivity increases offset compensation increases and lower unit labor costs.

Quarterly percent change in nonfarm business sector unit labor costs in the United States from 2017 to 2020

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Source

Release date

February 2021

Region

United States

Survey time period

2017 to 2020

Supplementary notes

For a detailed explanation on the methodology employed by the Bureau of Labor Statistics to calculate the data see here.

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