The Bureau of Labor Statistics reported this morning the quarterly changes in labor productivity and costs, and it won’t help the unemployed.
Nonfarm business sector labor productivity increased at a 1.6% seasonally-adjusted annual rate during the second quarter of 2012. The change from the same quarter of 2011 is a gain of 1.1%. This increase is the largest year over year since Q4 of 2010.
Unit labor costs rose at a 1.7% SAAR in Q2, and yield a 0.8% increase Y/Y. This is the lowest Y/Y change since Q4 of 2010.
The rise in productivity, which has been taking place over about the last 2 years, has allowed unit labor costs to remain low.