Nonfarm business sector labor productivity increased at a 2.3% annual rate during the second quarter of 2013, the U.S. Bureau of Labor Statistics stated in its revised report this morning. The prior estimate of labor productivity in the second quarter was 0.9%.
Labor productivity growth in the first quarter was unrevised from the previously estimated 1.7% decrease. From Q2 2012 to Q2 2013, labor productivity has increased 0.3%.
Unit labor costs in nonfarm businesses increased at an annual rate of 0.0% in the second quarter of 2013. This is a decrease from the initial estimate of 1.4% for the second quarter.
Unit labor costs in the first quarter were revised from a 4.2% decrease to a 3.5% decrease. From the same quarter a year ago, unit labor costs are up 1.5%.