Worker productivity fell to start 2022 at its fastest pace in nearly 75 years while labor costs soared as the U.S. struggled with surging Covid cases, the Bureau of Labor Statistics reported Thursday. Nonfarm productivity, a measure of output against hours worked, declined 7.5% from January through March, the biggest fall since the third quarter of 1947. At the same…
Worker productivity fell to start 2022 at its fastest pace in nearly 75 years while labor costs soared as the U.S. struggled with surging Covid cases, the Bureau of Labor Statistics reported Thursday.
Nonfarm productivity, a measure of output against hours worked, declined 7.5% from January through March, the biggest fall since the third quarter of 1947. At the same time, unit labor costs soared 11.6%, bringing the increase over the past four quarters to 7.2%, the biggest gain since the third quarter of 1982.
Taken together, the numbers underline the inflation surge in the U.S., which has seen prices rise at the fastest level in more than 40 years. Federal Reserve officials on Wednesday announced they would be raising interest rates half a percentage point as part of an ongoing effort to control inflation.
Stay informed during the severe weather season with our local news and weather app. Get the NBC 5 Chicago app for
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opinion | Abortion Rights Are a Labor Issue'Abortion rights are a labor issue, and this is a moment in which the labor movement needs to make clear that bodily autonomy and reproductive freedom are core issues that unions will fight tooth and nail to preserve.'
Read more »
Northern California couple sentenced to prison for forcing Guatemalan immigrants into laborThe Shasta Lake couple forced a mother and her two daughters into hard labor at their restaurant and cleaning service, prosecutors said.
Read more »
LinkedIn Settles With Labor Department Over Alleged Pay DiscriminationThe career-networking service LinkedIn has agreed to pay $1.8 million in back wages to hundreds of female workers to settle a pay discrimination complaint brought by U.S. labor investigators.
Read more »
Job openings hit new records, while 4.5 million Americans quit or changed jobs in March, reflecting labor market strengthWhile workers continue to feel emboldened to freely switch jobs, they may not quite have the leverage they did even a few month ago.
Read more »
First Mover Asia: Events in China, India Have Also Weighed on Crypto PricesRecent events in Asia and beyond offer the latest evidence that crypto is a complex organism, global by nature and subject to the same issues and events that affect other assets; BTC jumps after the Fed's rate hike. shauryamalwa and JPRubin23 report
Read more »
Warriors' Steve Kerr Rips Grizzlies as ‘Dirty' for Early Game 2 Antics'That wasn't physical, that was dirty.' Steve Kerr didn’t mince words after the first quarter of Game 2.
Read more »