Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Unit Labor Costs: Total
OECDULQEUL01GPSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.79
Year-over-Year Change
-6.13%
Date Range
4/1/1995 - 1/1/2023
Summary
The Unit Labor Costs (ULC) trend measures the average cost of labor per unit of output, serving as an important indicator of inflationary pressures and labor productivity.
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 (ULC) represent the average cost of labor per unit of output, calculated as the ratio of total labor compensation to real output. This metric is a key measure of labor productivity and a leading indicator of inflationary pressures in an economy.
Methodology
The data is collected and calculated by the Organisation for Economic Co-operation and Development (OECD) based on labor compensation and output figures.
Historical Context
Policymakers and analysts use ULC to gauge cost-push inflation risks and assess overall economic competitiveness.
Key Facts
- ULC is a leading indicator of inflationary pressures.
- Declining ULC can signal improving labor productivity.
- ULC is a key metric for assessing economic competitiveness.
FAQs
Q: What does this economic trend measure?
A: The Unit Labor Costs (ULC) trend measures the average cost of labor per unit of output, serving as an important indicator of inflationary pressures and labor productivity.
Q: Why is this trend relevant for users or analysts?
A: ULC is a key metric used by policymakers and economists to gauge cost-push inflation risks and assess overall economic competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the OECD based on labor compensation and output figures.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use ULC to assess cost-push inflation risks and overall economic competitiveness, informing policy decisions.
Q: Are there update delays or limitations?
A: The ULC data is published quarterly with a short delay, and may be subject to revisions as more complete information becomes available.
Related Trends
Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Total for OECD
OECDCPALTT01IXOBQ
Consumer Price Index: OECD Groups: Energy (Fuel, Electricity, and Gasoline): Total
OECDCPGREN01GPQ
National Accounts: National Accounts Deflators: Gross Domestic Product: GDP Deflator for OECD
OECDNAGIGP01IXOBSAQ
Infra-Annual Labor Statistics: Employment Rate Male: 15 Years or over for OECD
OECDLREMTTMASTSAQ
Infra-Annual Labor Statistics: Unemployment Female: From 15 to 24 Years for OECD
OECDLFUN24FESTQ
Infra-Annual Labor Statistics: Monthly Unemployment Rate Male: From 15 to 24 Years for OECD
OECDLRHU24MASTM
Citation
U.S. Federal Reserve, Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Unit Labor Costs: Total (OECDULQEUL01GPSAQ), retrieved from FRED.