Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Unit Labor Costs: Total for Ireland
Growth rate same period previous year, Seasonally Adjusted
ULQEUL01IEQ659S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-9.51
Year-over-Year Change
-267.21%
Date Range
1/1/1996 - 1/1/2025
Summary
This economic indicator measures the year-over-year growth rate of unit labor costs, a key metric for evaluating inflation pressures and productivity trends in the U.S. economy.
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 measure is closely watched by policymakers and analysts as an important gauge of inflationary risks and underlying productivity in the economy.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of hourly compensation and labor productivity.
Historical Context
Trends in unit labor costs help inform monetary policy decisions and macroeconomic projections.
Key Facts
- Unit labor costs rose 4.2% in Q4 2022 compared to the prior year.
- Productivity growth averaged just 1.7% annually from 2007-2022.
- Stable unit labor costs are a key indicator of the Fed's 2% inflation target.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the year-over-year growth rate in unit labor costs, which capture 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 critical metric for assessing inflationary pressures and productivity trends in the economy, which are key inputs for monetary policy decisions.
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 hourly compensation and labor productivity.
Q: How is this trend used in economic policy?
A: Trends in unit labor costs help inform monetary policy decisions and macroeconomic projections made by the Federal Reserve and other policymakers.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical lag of 2-3 months.
Related Trends
Number of Identified Exporters to Ireland from Missouri
MOIRLA475SCEN
Infra-Annual Labor Statistics: Employment Male: From 15 to 74 Years for Ireland
LFEM74MAIEQ657S
National Accounts: GDP by Expenditure: Current Prices: Private Final Consumption Expenditure for Ireland
IRLPFCEQDSMEI
Production: Industry: Total Industry Excluding Construction for Ireland
PRINTO01IEQ657S
Sales: Retail Trade: Car Registration: Passenger Cars for Ireland
IRLSLRTCR03GPSAM
Bank Capital to Total Assets for Ireland
DDSI03IEA156NWDB
Citation
U.S. Federal Reserve, Growth rate same period previous year, Seasonally Adjusted (ULQEUL01IEQ659S), retrieved from FRED.