Hours worked decreased 1.5% in the second quarter of 2023

By Jeffrey Cohen

The U.S. Bureau of Labor Statistics reported on September 7, 2023 that nonfarm business sector labor productivity increased 3.5 percent in the second quarter of 2023, seasonably adjusted.

What are the major components of this highly productive quarter for the US economy:

Output +1.9%

Hours worked -1.5%
--- Average weekly hours -1.5%
--- --- Manufacturing -2.1%
--- --- Business -1.3%
--- Employment unchanged

Unit labor costs +2.2%
--- Hourly compensation +5.7%
--- Productivity 3.5%

Real hourly compensation (adjusted for inflation) +2.9%

From April - June 2023, the number of US jobs was unchanged, but the average US employee worked fewer hours for more pay.
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Source: https://www.bls.gov/news.release/prod2.nr0.htm