GLOBAL ECONOMY
U.S. Manufacturing Hourly Compensation Rose While Unit Labor Costs Fell: Why They Must Be Read Together with Productivity
U.S. manufacturing hourly compensation rose in the second quarter while unit labor costs declined. We analyze how to distinguish between labor costs, productivity, and investment effects by breaking down BLS revision formulas and periods.
U.S. manufacturing hourly compensation rose in the second quarter while unit labor costs declined. We analyze how to distinguish between labor costs, productivity, and investment effects by breaking down BLS revision formulas and periods.
Does a rise in wages necessarily drive up the labor cost required to produce a single unit of output? The revised second-quarter figures released by the U.S. Bureau of Labor Statistics (BLS) on September 3, 2026, point to a different answer.…
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