Unit labor costs in the US nonfarm business sector surged by 10.8 percent in the second quarter of 2022, above market forecasts of a 9.5 percent jump and following an upwardly revised 12.7 percent gain in the previous period. It reflects a 5.7 percent increase in hourly compensation and a 4.6 percent decrease in productivity. Unit labor costs increased 9.5 percent over the last four quarters, the most significant gain since the first quarter of 1982. source: U.S. Bureau of Labor Statistics

Labour Costs in the United States averaged 62.72 points from 1950 until 2022, reaching an all time high of 131.31 points in the second quarter of 2022 and a record low of 17.01 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 August of 2022.

Labour Costs in the United States is expected to be 134.07 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Nonfarm Unit Labour Cost is projected to trend around 140.27 points in 2023 and 145.88 points in 2024, according to our econometric models.

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United States Nonfarm Unit Labour Cost



Calendar GMT Actual Previous Consensus TEForecast
2022-06-02 12:30 PM Unit Labour Costs QoQ Final Q1 12.6% 3.9% 11.6% 11.6%
2022-08-09 12:30 PM Unit Labour Costs QoQ Prel Q2 10.8% 12.7% 9.5% 10%


Related Last Previous Unit Reference
Unemployment Rate 3.50 3.60 percent Jul 2022
Non Farm Payrolls 528.00 398.00 Thousand Jul 2022
Government Payrolls 57.00 -6.00 Thousand Jul 2022
Nonfarm Payrolls Private 471.00 404.00 Thousand Jul 2022
Manufacturing Payrolls 30.00 27.00 Thousand Jul 2022
Initial Jobless Claims 262.00 248.00 Thousand Aug 2022
Continuing Jobless Claims 1428.00 1420.00 Thousand Jul 2022
Unemployed Persons 5670.00 5912.00 Thousand Jul 2022
Employed Persons 158290.00 158111.00 Thousand Jul 2022
Average Hourly Earnings 0.50 0.40 percent Jul 2022
Average Weekly Hours 34.60 34.60 Hours Jul 2022
Labor Force Participation Rate 62.10 62.20 percent Jul 2022
Long Term Unemployment Rate 1.07 1.03 percent Feb 2022
Youth Unemployment Rate 8.10 7.80 percent Jun 2022
Labour Costs 131.31 127.98 points Jun 2022
Productivity 109.70 111.01 points Jun 2022
Job Vacancies 10591.00 11245.00 Thousand Jun 2022
Job Offers 10698.00 11303.00 Thousand Jun 2022
Wages 27.57 27.45 USD/Hour Jul 2022
Wages in Manufacturing 25.07 24.94 USD/Hour Jul 2022
Employment Cost Index 1.30 1.40 percent Jun 2022
Jobless Claims 4-week Average 252.00 247.50 Thousand Aug 2022
Employment Rate 60.00 59.90 percent Jul 2022
Full Time Employment 132577.00 132648.00 Thousand Jul 2022
Part Time Employment 25824.00 25440.00 Thousand Jul 2022

United States Nonfarm Unit Labour Cost
Labour Costs refers to the relationship between compensation per hour and labor productivity, or real output per hour, and can be used as an indicator of inflationary pressure on producers.
Actual Previous Highest Lowest Dates Unit Frequency
131.31 127.98 131.31 17.01 1950 - 2022 points Quarterly
2012=100, SA

News Stream
US Labor Costs Rise More than Expected
Unit labor costs in the US nonfarm business sector surged by 10.8 percent in the second quarter of 2022, above market forecasts of a 9.5 percent jump and following an upwardly revised 12.7 percent gain in the previous period. It reflects a 5.7 percent increase in hourly compensation and a 4.6 percent decrease in productivity. Unit labor costs increased 9.5 percent over the last four quarters, the most significant gain since the first quarter of 1982.
2022-08-09
US Labour Costs Revised Higher in Q1
Unit labor costs in the US nonfarm business sector jumped an annualized 12.6 percent in the first quarter of 2022, higher than initial estimates of an 11.6% rise. It reflects a 4.4% increase in hourly compensation and a 7.3% decrease in productivity. Unit labor costs increased 8.2% over the last four quarters, the largest four-quarter increase since Q3 1982.
2022-06-02
US Labour Costs Rise More than Expected
Unit labor costs in the US nonfarm business sector surged by 11.6 percent in the first quarter of 2022, above market forecasts of a 9.9 percent jump and following an upwardly revised 1 percent gain in the previous period. It reflects a 3.2 percent increase in hourly compensation and a 7.5 percent decrease in productivity. Unit labor costs increased 7.2 percent over the last four quarters, the largest gain since the third quarter of 1982, as hourly compensation increased 6.5 percent while productivity dropped 0.6 percent.
2022-05-05