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The US Department of Labor announced on the 1st that labor productivity in the non-agricultural sector (preliminary figures) for the fourth quarter of 2023 will increase by 3.2% on an annual basis from the previous quarter, compared to the increase of 2.5% predicted by economists compiled by Reuters. Photograph taken in July 2022 (2024 Reuters/Brian Snyder/File Photo)
[ワシントン １日 ロイター] – The US Department of Labor announced on the 1st that labor productivity in the non-agricultural sector (preliminary figures) for the fourth quarter of 2023 will increase by 3.2% on an annual basis compared to the previous quarter, compared to the forecast of 2.5%. by economists compiled by Reuters exceeded the increase.
Labor productivity for the third quarter rose 4.9%, a downward revision from the previously announced increase of 5.2%.
Production in the fourth quarter increased by 2.7% compared to the same period last year. The average increase in 2023 was 1.2%. In 2022, it was down 1.9%.
Unit labor costs, which indicate pay per unit of production, increased by 0.5% from the previous quarter. It was down 1.1% in the third quarter.
Compared to the same period last year, sales rose 2.3% in the fourth quarter. The average increase in 2023 was 2.9%, slowing from the 5.6% increase in 2022.
Hourly labor compensation increased 3.7% from the previous quarter and 5.0% from the same period last year. The average increase in 2023 was 4.2%. In 2022, it increased by 3.7%.
“Inflation is increasingly coming back under control as the economy becomes more productive, labor costs are contained, and the labor market is rebalanced,” said Christopher Rapkey, chief economist at FWDBONDS . “This is what Federal Reserve officials are looking for in order to deliver the rate cuts the market is demanding by the end of the year.”
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