Productivity Increases 2.9% in 3rd Quarter per Bureau of Labor Statistics

2.9% increase in Productivity, and a 1.9% decrease in unit labor costs says the Bureau of Labor Statistics, per their December 5th, 8:30 A.M. release.

The bureau reported further that the increase in productivity reflects increases of 4.2% in output and 1.3% in hours worked.   From the 3rd Quarter 2011 to the third Quarter 2012, productivity increased 1.7% as output and hours worked rose 3.5% and 1.8%.

True productivity, or output per hour, is calculated by dividing and index of real output by an index of all hours worked by all persons, including employees, proprietors and unpaid family workers.   The bureau defined unit labor costs as the ratio of hourly compensation to hourly productivity.   Manufacturing sector productivity declined .7% in the 3rd Quarter of 2012, as output decreased .7% and hours remained the same.

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Labor Productivity

According to Small Business Loans Depot’s review of the Thursday, May 26th, 2011 report of Labor Productivity and Costs by industry as reported by the bureau of labor statistics.

The fact that service providing and mining industries labor productivity, defined as output per hour, labor productivity was up 44% for the most recent reporting period, indicates that labor productivity has increased significantly in at least the last 3 years reported.     Although the increase was higher in years prior, the 44% remains significantly high as companies get the most out of their workers. Workers tend to feel insecure in a down economy, knowing that their production may be what justifies their continued employment.  Employees also realize that many companies are still not ready to here and are using increases in production as a hiring substitute.

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