Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Unit Labor Costs: Total for Ireland
Growth rate same period previous year, Seasonally Adjusted
ULQEUL01IEQ659S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-9.51
Year-over-Year Change
-267.21%
Date Range
1/1/1996 - 1/1/2025
Summary
This economic indicator measures the year-over-year growth rate of unit labor costs, a key metric for evaluating inflation pressures and productivity trends in the U.S. economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Unit labor costs represent the cost of labor required to produce one unit of output. This measure is closely watched by policymakers and analysts as an important gauge of inflationary risks and underlying productivity in the economy.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of hourly compensation and labor productivity.
Historical Context
Trends in unit labor costs help inform monetary policy decisions and macroeconomic projections.
Key Facts
- Unit labor costs rose 4.2% in Q4 2022 compared to the prior year.
- Productivity growth averaged just 1.7% annually from 2007-2022.
- Stable unit labor costs are a key indicator of the Fed's 2% inflation target.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the year-over-year growth rate in unit labor costs, which capture the cost of labor required to produce one unit of output.
Q: Why is this trend relevant for users or analysts?
A: Unit labor costs are a critical metric for assessing inflationary pressures and productivity trends in the economy, which are key inputs for monetary policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics based on measures of hourly compensation and labor productivity.
Q: How is this trend used in economic policy?
A: Trends in unit labor costs help inform monetary policy decisions and macroeconomic projections made by the Federal Reserve and other policymakers.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical lag of 2-3 months.
Related Trends
National Accounts: GDP by Expenditure: Current Prices: Changes in Inventories and Net Acquisition of Valuables for Ireland
IRLCINSADSMEI
Consumer Price Index: Restaurants and Hotels (COICOP 11): Total for Ireland
IRLCP110000IXNBM
Bank's Net Interest Margin for Ireland
DDEI01IEA156NWDB
Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Water Supply and Miscellaneous Services Relating to the Dwelling for Ireland
IRLCPHP0404GYM
Infra-Annual Labor Statistics: Employment Total: From 25 to 54 Years for Ireland
LFEM25TTIEQ657S
Producer Prices Index: Total Nondurable Consumer Goods for Ireland
PITGND01IEA661N
Citation
U.S. Federal Reserve, Growth rate same period previous year, Seasonally Adjusted (ULQEUL01IEQ659S), retrieved from FRED.