Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Labor Productivity: Total for Portugal
Growth rate same period previous year, Seasonally Adjusted
ULQELP01PTQ659S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.89
Year-over-Year Change
-124.04%
Date Range
1/1/1996 - 7/1/2023
Summary
This economic indicator measures the year-over-year growth rate of unit labor costs, which reflects changes in labor costs per unit of output. It is a key gauge of inflationary pressures and can inform 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 track the average cost of labor required to produce one unit of output. This metric is closely watched by economists and policymakers as a leading indicator of future inflation trends and potential changes in a country's competitiveness.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of productivity and compensation.
Historical Context
Unit labor cost growth is an important input for the Federal Reserve and other institutions when setting monetary policy and assessing the health of the broader economy.
Key Facts
- Unit labor costs rose 5.5% in Q3 2022 compared to the same period in 2021.
- Rapid growth in unit labor costs can signal increased inflationary pressures.
- The Federal Reserve closely monitors this metric when setting interest rates.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the year-over-year growth rate of unit labor costs, which reflect changes in labor costs per unit of output produced.
Q: Why is this trend relevant for users or analysts?
A: Unit labor cost growth is a key gauge of inflationary pressures and can inform monetary policy decisions by the Federal Reserve and other institutions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics based on measures of productivity and compensation.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other policymakers closely monitor unit labor cost growth as an input when setting monetary policy and assessing the overall health of the economy.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Bureau of Labor Statistics with a typical lag of 2-3 months.
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Citation
U.S. Federal Reserve, Growth rate same period previous year, Seasonally Adjusted (ULQELP01PTQ659S), retrieved from FRED.