Thursday, February 5, 2015

US Economy Has Largest Increase In Hours Worked Since 1998, 4th Quarter

From Bureau of Labor Statistics, Economic News Release, "Productivity and Costs, Fourth Quarter and Annual Averages 2014, Preliminary:"
Nonfarm business sector labor productivity decreased at a 1.8 percent annual rate during the fourth quarter of 2014, the U.S. Bureau of Labor Statistics reported today, as output increased 3.2 percent and hours worked increased 5.1 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) The increase in hours worked is the largest increase in this series since a gain of 5.7 percent in the fourth quarter of 1998. From the fourth quarter of 2013 to the fourth quarter of 2014, productivity was unchanged as output and hours worked both increased 3.1 percent. Annual average productivity increased 0.8 percent from 2013 to 2014. [Tables omitted. Emphasis added.]

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