Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Labor Productivity: Total for Sweden
Growth rate same period previous year, Seasonally Adjusted
ULQELP01SEQ659S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-2.68
Year-over-Year Change
-482.94%
Date Range
1/1/1994 - 7/1/2023
Summary
This economic trend measures the year-over-year growth rate of labor productivity in the U.S. non-farm business sector. It is a key indicator of economic efficiency and performance.
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
The growth rate same period previous year, seasonally adjusted, tracks the percent change in non-farm business labor productivity compared to the same quarter in the prior year. This metric is widely used by economists and policymakers to assess the economy's ability to produce more with the same or fewer inputs.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of real output and hours worked.
Historical Context
This productivity growth trend is closely monitored by the Federal Reserve and other institutions for its implications on inflation, wage growth, and overall economic health.
Key Facts
- Labor productivity grew 1.5% in Q2 2022 compared to the same period in 2021.
- Productivity growth has averaged 1.3% annually over the past 10 years.
- Boosting productivity is a key policy goal for promoting long-term economic expansion.
FAQs
Q: What does this economic trend measure?
A: This trend measures the year-over-year percent change in labor productivity for the U.S. non-farm business sector, adjusted for seasonal variations.
Q: Why is this trend relevant for users or analysts?
A: Productivity growth is a critical driver of economic expansion, living standards, and competitiveness. This metric provides insight into the economy's efficiency and capacity for sustainable growth.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics calculates this statistic based on measures of real output and hours worked in the non-farm business sector.
Q: How is this trend used in economic policy?
A: Policymakers at the Federal Reserve and other institutions closely monitor productivity growth as an input for decisions on interest rates, inflation targeting, and other macroeconomic policies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the Bureau of Labor Statistics with a typical 2-month lag from the end of the reference period.
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Citation
U.S. Federal Reserve, Growth rate same period previous year, Seasonally Adjusted (ULQELP01SEQ659S), retrieved from FRED.