Annual nonfarm business sector labor productivity measures the growth of labor efficiency in producing the economy's goods and services from the previous year. Unit labor costs reflect the labor costs of producing each unit of output. Both are followed as indicators of future inflationary trends because they indicate pressure for higher wages and faster economic growth. Labor productivity is measured by calculating the ratio of the output of goods and services to the labor hours devoted to the production of that output.
|Feb 2015 Apr 2015|