Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Labor Productivity: Total for Hungary
Growth rate same period previous year, Seasonally Adjusted
ULQELP01HUQ659S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-0.54
Year-over-Year Change
-81.67%
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. It provides insights into the relationship between productivity, wages, and overall price levels.
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 metric is widely used by economists and policymakers to assess changes in labor productivity and inflationary trends within the broader economy.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics using a formula that incorporates measures of hourly compensation and labor productivity.
Historical Context
The growth rate in unit labor costs is closely monitored by the Federal Reserve and other institutions to inform monetary policy decisions.
Key Facts
- Unit labor costs rose 5.5% in Q4 2022 compared to Q4 2021.
- Rapid growth in unit labor costs can signal increased inflationary pressures.
- Unit labor costs are a key input for the Federal Reserve's monetary policy decisions.
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 required to produce one unit of output.
Q: Why is this trend relevant for users or analysts?
A: Unit labor costs are a crucial indicator of inflationary pressures and labor productivity, making this trend highly relevant for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics using a formula that incorporates measures of hourly compensation and labor productivity.
Q: How is this trend used in economic policy?
A: The growth rate in unit labor costs is closely monitored by the Federal Reserve and other institutions to inform monetary policy decisions aimed at maintaining price stability and full employment.
Q: Are there update delays or limitations?
A: The unit labor cost data is published quarterly by the Bureau of Labor Statistics, with a typical release lag of about two months.
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Citation
U.S. Federal Reserve, Growth rate same period previous year, Seasonally Adjusted (ULQELP01HUQ659S), retrieved from FRED.