Unit labor costs in the US nonfarm business sector slumped at an annual rate of 6.6 percent in the third quarter of 2020, compared to a preliminary estimate of an 8.9 percent fall and following an upwardly revised 12.3 percent rise in the prior period. The third-quarter decline in unit labor costs followed three consecutive quarterly increases. Hourly compensation decreased 2.3 percent and productivity increased 4.6 percent. Year-on-year, unit labor costs in the nonfarm business sector rose 4 percent. source: U.S. Bureau of Labor Statistics
Labour Costs in the United States averaged 61.13 points from 1950 until 2020, reaching an all time high of 117.74 points in the second quarter of 2020 and a record low of 17 points in the first quarter of 1950. This page provides the latest reported value for - United States Labour Costs - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Nonfarm Unit Labour Cost - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
Labour Costs in the United States is expected to be 120.12 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Labour Costs in the United States to stand at 117.24 in 12 months time. In the long-term, the United States Nonfarm Unit Labour Cost is projected to trend around 125.64 points in 2021 and 124.98 points in 2022, according to our econometric models.