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The U.S. Department of Labor's Bureau of Labor Statistics today reported revised productivity data for the second quarter of 2005. Productivity, as measured by output per hour, were at seasonally adjusted annual rates of productivity were 0.7 percent in the business sector and 1.8 percent in the nonfarm business sector. In both sectors, increases in productivity were smaller than reported on Aug. 9, as output was revised down and hours were revised up.
In manufacturing, the revised productivity changes in the second quarter
were:
3.6 percent in manufacturing, revised down from 4.1 percent
3.3 percent in durable goods manufacturing
4.4 percent in nondurable goods manufacturing
From the first to the second quarter of 2005, business sector productivity grew 0.7 percent as output increased 4.0 percent and hours worked by all persons engaged in the sector rose 3.2 percent. This marks the smallest productivity increase since a 0.3-percent rise was posted in the fourth quarter of 2003.
The hourly compensation of all manufacturing workers increased 8.4 percent during the second quarter of 2005, reflecting an 8.2-percent rise in hourly compensation in durable goods industries and an 8.6-percent increase in the nondurable goods sector. Real hourly compensation in the total manufacturing sector rose 4.1 in the second quarter and 4.6 percent one quarter earlier.
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