With eyes on jobs, wages, and inflation, it's easy to forget how much impact productivity — the effort and cost that goes into a unit of work — can have on the economy.

The latest numbers that came out Thursday, May 2, showed a 0.3% month-over-month increase in productivity and a 2.9% year-over-year increase for the first quarter of 2024.

The weaker productivity does present a challenge for the Federal Reserve as unit labor costs were up 4.7% year over year in the first quarter, that being a combination of 5.0% increase in hourly non-farm hourly compensation and the 0.3% productivity increase.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.