Labor Productivity Rose By 3.0% in Q4
Washington, DC, February 2, 2023-Nonfarm business sector labor productivity increased 3.0% in Q4 2022, the U.S. Bureau of Labor Statistics reported, as output increased 3.5% and hours worked increased 0.5%.
From the same quarter a year ago, nonfarm business sector labor productivity decreased 1.5%, reflecting a 0.8% increase in output and a 2.3% increase in hours worked.
Annual average productivity decreased 1.3% from 2021 to 2022. This is the largest annual decline in the measure since 1974, when productivity decreased 1.7%.