Manufacturing labor productivity declined 1.3% at the annual rate in Q3, a pullback following a 2.9% rise in Q2, according to data from the Bureau of Labor Statistics.
Output and work hours: Output increased 1.9% in the third quarter, a slowdown from the 3.6% gain in the second quarter.
- In the same period, the number of hours worked increased 3.3%, with hourly compensation up 2.4%.
Durable goods: Labor productivity for durable goods dipped 4.3% in the third quarter, and output increased 2.0%.
- The number of hours worked rose 6.6%, and hourly compensation increased 1.7%.
Nondurable goods: In contrast, labor productivity for nondurable items increased 4.0% in the third quarter, with output up 1.8%.
- Hours worked declined 2.1%, and hourly compensation rose 3.1%.
A slight rise: Nonfarm business labor productivity increased 0.3% at the annual rate.
In (good) related news … New orders for manufactured goods increased 0.3%, to $551.04 billion in September from $549.51 billion in August, according to the U.S. Census Bureau.