Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Labor Productivity: Total for Luxembourg
Growth rate same period previous year, Seasonally Adjusted
ULQELP01LUQ659S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-3.67
Year-over-Year Change
822.30%
Date Range
1/1/1996 - 7/1/2023
Summary
This economic indicator measures the year-over-year growth rate of labor productivity, which is a key metric for evaluating economic growth 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
Labor productivity growth rate captures changes in the output produced per hour of labor input. It is a fundamental indicator of an economy's efficiency and is closely watched by policymakers and analysts to assess business cycle trends and long-term economic potential.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of real output and labor hours.
Historical Context
Productivity growth is a crucial driver of rising living standards, so this indicator informs economic and policy decisions.
Key Facts
- The average annual U.S. labor productivity growth rate was 1.8% from 2010-2019.
- Productivity growth slowed to 0.2% in 2020 due to the COVID-19 pandemic.
- Higher productivity enables greater output, wages, and living standards.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the year-over-year percent change in labor productivity, which is the real output produced per hour of labor.
Q: Why is this trend relevant for users or analysts?
A: Productivity growth is a key driver of economic expansion and improved living standards, so this metric is closely watched by policymakers, investors, and economists.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics calculates this indicator based on measures of real output and total labor hours worked.
Q: How is this trend used in economic policy?
A: Productivity growth informs decisions about monetary policy, fiscal policy, and structural reforms aimed at boosting long-term economic capacity.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Growth rate same period previous year, Seasonally Adjusted (ULQELP01LUQ659S), retrieved from FRED.