Unit Labor Costs and Real Hourly Wages, 2011

Good stuff from the BLS providing informative insight on trends in U.S. labor costs and compensation,

For 2011, in both the nonfarm business and manufacturing sectors, annual average growth in unit labor costs was revised upward; this was due to upward revisions to hourly compensation and downward revisions to productivity.

In the nonfarm business sector, unit labor costs rose 2.0 percent in 2011 and declined 0.8 percent in the manufacturing sector.

In 2011, real hourly compensation, which takes into account changes in consumer prices, decreased 0.7 percent in the nonfarm business sector. This is the largest annual decline in the measure since a 1.7-percent decline in 1989.

Real hourly compensation in the manufacturing sector decreased 1.3 percent in 2011, the largest decline in the measure since a 1.9-percent decline in 2004.

(click here if charts are not observable)

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