Productivity and Costs
Released On 9/5/2012 8:30:00 AM For Q2r, 2012
Prior Consensus Consensus Range Actual
Nonfarm productivity - Q/Q change - SAAR 1.6 % 1.9 % 1.8 % to 2.4 % 2.2 %
Unit labor costs - Q/Q change - SAAR 1.7 % 1.4 % 1.1 % to 1.6 % 1.5 %
Highlights
Productivity growth for the second quarter was revised up, largely consistent with the upward revision to GDP but also due to a downward revision to hours worked. Nonfarm business productivity rose an annualized 2.2 percent in the second quarter, compared to the initial estimate of a 1.6 percent gain and compared to a 0.5 percent dip in the prior quarter. The consensus forecast was for a 1.9 percent increase for the second quarter. Unit labor costs were revised down to an annualized 1.5 percent increase, compared to the first estimate of 1.7 percent, and following a 6.4 percent surge in the first quarter. Expectations were for a 1.4 percent rise.
The rise in second quarter productivity reflected a 2.4 percent gain in output after a 2.7 percent boost in the first quarter. But the key factor was a slowing in hours worked to a 0.1 percent rise in the second quarter from 3.2 percent in the first.
Unit labor costs slowed on a 3.7 percent gain in compensation after a 5.8 percent jump in the first quarter. The first quarter surge may have been due to one-time bonuses.
Year-on-year, productivity was up 1.2 percent in the second quarter, following 1.0 percent the quarter before. Year-ago unit labor costs were up 0.9 percent, compared to 0.2 in the first quarter. Compensation gained 2.2 percent versus 1.2 percent in the first quarter year-on-year.
The latest productivity numbers indicate that companies are still reluctant to hire and prefer to keep labor costs down until demand improves further. But the data are favorable to supporting profits. |
发表于 2012-9-5 10:29
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