Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Labor Compensation per Unit of Labor Input: Total for Hungary
Growth rate same period previous year, Seasonally Adjusted
ULQECU01HUQ659S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14.61
Year-over-Year Change
406.72%
Date Range
1/1/1996 - 7/1/2023
Summary
This economic trend measures the year-over-year growth rate of unit labor costs, a key indicator of inflationary pressures in the economy. It is closely watched by policymakers and analysts to assess labor market dynamics and guide monetary policy decisions.
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 per unit of output, providing insight into the relationship between productivity and compensation. This metric is a important gauge of the underlying strength and sustainability of economic growth.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics using established statistical methods.
Historical Context
Trends in unit labor costs are a critical input for the Federal Reserve and other institutions when evaluating the appropriate stance of monetary policy.
Key Facts
- Unit labor costs rose 5.5% in Q2 2022 compared to the prior year.
- Increasing unit labor costs can signal building inflationary pressures.
- The Federal Reserve closely monitors this metric when setting interest rates.
FAQs
Q: What does this economic trend measure?
A: This trend measures the year-over-year growth rate of unit labor costs, which represents the cost of labor per unit of output produced.
Q: Why is this trend relevant for users or analysts?
A: Trends in unit labor costs provide important insights into labor market dynamics, productivity, and inflationary pressures in the economy, making it a key input for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics using established statistical methods.
Q: How is this trend used in economic policy?
A: Trends in unit labor costs are a critical input for the Federal Reserve and other institutions when evaluating the appropriate stance of monetary policy to support stable prices and maximum employment.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Bureau of Labor Statistics, with a typical lag of several weeks after the end of the reference period.
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Citation
U.S. Federal Reserve, Growth rate same period previous year, Seasonally Adjusted (ULQECU01HUQ659S), retrieved from FRED.