US labor productivity rises 0.2% in Q1, less than estimates

By Ovunc Kutlu

ISTANBUL (AA) - US nonfarm business sector labor productivity rose 0.2% in the first quarter of 2024, slightly less than market estimates, according to the Bureau of Labor Statistics figures released Thursday.

The figure, which measures the change in labor efficiency when producing goods and services, was expected to show a quarterly gain of 0.3%, according to estimates.

The figure for the fourth quarter was kept unrevised at a gain of 3.2%.

Unit labor costs in the nonfarm business sector increased 4% in the first quarter, compared to the previous quarter. This reflected a 4.2% increase in hourly compensation and a 0.2% gain in productivity.

The expectation for unit labor costs was to show a gain of 4.7%.

That figure for the fourth quarter was revised down to a gain of 0.4%, from an increase of 0.5%.