Percent Change, Annual, Not Seasonally Adjusted
NORULCMSAPNMEI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.82
Year-over-Year Change
-64.96%
Date Range
1/1/1971 - 1/1/2010
Summary
This economic trend measures the annual percent change in unit labor costs for the manufacturing sector in the United States. It provides insight into cost-based inflationary pressures and competitiveness.
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 average cost of labor per unit of output. This metric is closely watched by economists and policymakers as an indicator of potential inflation and the international competitiveness of U.S. manufacturing.
Methodology
The data is calculated from measures of output, employment, and compensation in the manufacturing sector.
Historical Context
Changes in unit labor costs can inform monetary policy decisions and analyses of the health of the manufacturing industry.
Key Facts
- Manufacturing accounts for about 11% of U.S. GDP.
- Unit labor costs rose by 4.6% in 2022 compared to 2021.
- Rising unit labor costs can signal a need for tighter monetary policy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the annual percent change in unit labor costs for the U.S. manufacturing sector. Unit labor costs represent the average cost of labor per unit of output.
Q: Why is this trend relevant for users or analysts?
A: Changes in unit labor costs provide insight into cost-based inflationary pressures and the international competitiveness of U.S. manufacturing, which are closely watched by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is calculated from measures of output, employment, and compensation in the manufacturing sector.
Q: How is this trend used in economic policy?
A: Changes in unit labor costs can inform monetary policy decisions and analyses of the health of the manufacturing industry.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Federal Reserve with a typical delay of about 2 months.
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Citation
U.S. Federal Reserve, Percent Change, Annual, Not Seasonally Adjusted (NORULCMSAPNMEI), retrieved from FRED.