Labor Productivity Declined 4.1% in Q2
Washington, DC, September 1, 2022-Nonfarm business sector labor productivity decreased 4.1% in Q2 2022, the U.S. Bureau of Labor Statistics reported, as output decreased 1.4% and hours worked increased 2.7%.
The 4.1% decrease in labor productivity reported today for the second quarter of 2022 is a 0.5-percentage point upward revision from the preliminary estimate of a 4.6% decrease, primarily driven by a 0.7-percentage point upward revision to output. From the same quarter a year ago, nonfarm business sector labor productivity decreased 2.4%. This is the largest decline in the series, which begins in the first quarter of 1948.