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United States Labour Costs

Price

121.397 Points
Change +/-
+0.718 Points
Percentage Change
+0.59 %

The current value of the Labour Costs in United States is 121.397 Points. The Labour Costs in United States increased to 121.397 Points on 6/1/2024, after it was 120.679 Points on 3/1/2024. From 3/1/1947 to 9/1/2024, the average GDP in United States was 58.66 Points. The all-time high was reached on 9/1/2024 with 121.98 Points, while the lowest value was recorded on 6/1/1947 with 14.98 Points.

Source: U.S. Bureau of Labor Statistics

Labour Costs

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Labor costs

Labour Costs History

DateValue
6/1/2024121.397 Points
3/1/2024120.679 Points
12/1/2023118.235 Points
9/1/2023117.966 Points
6/1/2023117.611 Points
3/1/2023116.861 Points
12/1/2022115.857 Points
9/1/2022116.573 Points
6/1/2022114.507 Points
3/1/2022113.461 Points
1
2
3
4
5
...
31

Similar Macro Indicators to Labour Costs

NameCurrentPreviousFrequency
🇺🇸
ADP Employment Change
152,000 188,000 Monthly
🇺🇸
Announcements of Hiring Plans
4,236 Persons9,802 PersonsMonthly
🇺🇸
Average Hourly Earnings
0.4 %0.2 %Monthly
🇺🇸
Average Hourly Earnings YoY
4.1 %4 %Monthly
🇺🇸
Average Weekly Hours
34.3 Hours34.3 HoursMonthly
🇺🇸
Cancellation rate
2.2 %2.2 %Monthly
🇺🇸
Challenger Job Cuts
55,597 Persons72,821 PersonsMonthly
🇺🇸
Continued Jobless Claims
1.875 M 1.869 M frequency_weekly
🇺🇸
Employed persons
161.496 M 161.864 M Monthly
🇺🇸
Employment Cost Index
1.2 %0.9 %Quarter
🇺🇸
Employment Cost Index Benefits
1.1 %0.7 %Quarter
🇺🇸
Employment Cost Index Wages
1.1 %1.1 %Quarter
🇺🇸
Employment rate
60.1 %60.2 %Monthly
🇺🇸
Full-time employment
133.496 M 133.66 M Monthly
🇺🇸
Initial Jobless Claims
213,000 213,000 frequency_weekly
🇺🇸
Job Opportunities
8.14 M 7.919 M Monthly
🇺🇸
Job Opportunities
7.418 M 7.939 M Monthly
🇺🇸
Job resignations
3.459 M 3.452 M Monthly
🇺🇸
Labor force participation rate
62.6 %62.7 %Monthly
🇺🇸
Layoffs and Terminations
1.498 M 1.678 M Monthly
🇺🇸
Long-term unemployment rate
0.8 %0.74 %Monthly
🇺🇸
Manufacturing wages
-46,000 -6,000 Monthly
🇺🇸
Minimum Wages
7.25 USD/Hour7.25 USD/HourAnnually
🇺🇸
Non-Agricultural Productivity QoQ
2.2 %2.1 %Quarter
🇺🇸
Non-farm Payrolls
272,000 165,000 Monthly
🇺🇸
Nonfarm Private Employment
229,000 158,000 Monthly
🇺🇸
Part-time work
28.004 M 27.718 M Monthly
🇺🇸
Population
335.89 M 334.13 M Annually
🇺🇸
Productivity
111.909 points111.827 pointsQuarter
🇺🇸
Retirement Age Men
66.67 Years66.5 YearsAnnually
🇺🇸
Retirement Age Women
66.67 Years66.5 YearsAnnually
🇺🇸
State payroll accounting
43,000 7,000 Monthly
🇺🇸
U6 Unemployment Rate
7.4 %7.4 %Monthly
🇺🇸
Unemployed Persons
6.984 M 6.834 M Monthly
🇺🇸
Unemployment Claims 4-Week Average
240,750 238,250 frequency_weekly
🇺🇸
Unemployment Rate
4.1 %4.1 %Monthly
🇺🇸
Unit Labor Costs QoQ
1.9 %2.4 %Quarter
🇺🇸
Wage Growth
5.6 %5.3 %Monthly
🇺🇸
Wages
29.99 USD/Hour29.85 USD/HourMonthly
🇺🇸
Wages in Manufacturing
28.19 USD/Hour28.12 USD/HourMonthly
🇺🇸
Youth Unemployment Rate
9.5 %9.2 %Monthly

Labor Costs pertain to the relationship between hourly compensation and labor productivity, measured as real output per hour. This metric serves as an indicator of inflationary pressures affecting producers, as detailed by Eulerpool.

What is Labour Costs?

Labour Costs: A Comprehensive Insight The study of labor costs forms a critical aspect of macroeconomic analysis and understanding. At Eulerpool, our dedication to providing precise and comprehensive macroeconomic data has positioned us as a key resource for understanding various economic indicators, including labor costs. This analysis not only helps economists and policymakers but also provides invaluable insights for businesses, investors, and academic researchers. Labor costs, in essence, represent the total expenses borne by employers to compensate their workforce. These costs encompass not just salaries and wages but also other associated expenses such as benefits, taxes, bonuses, and in some cases, training and development costs. Understanding labor costs within an economy is pivotal because it reflects how efficiently the labor market operates, influences business decisions, affects competitiveness, and plays a prominent role in shaping economic policy. To begin with, labor costs can be broadly divided into two categories: direct and indirect costs. Direct labor costs primarily include wages, salaries, and any additional monetary compensation promised to the employees. Indirect labor costs, on the other hand, hinge heavily on supplementary benefits such as health insurance, retirement benefits, social security taxes, paid leave, and other employee perks and amenities. An exhaustive analysis of labor costs must account for both these dimensions to provide a holistic understanding of the economic picture. A high labor cost can indicate a well-compensated workforce, which often correlates with higher living standards, greater consumer spending, and economic growth. However, if labor costs rise faster than productivity, it can lead to inflationary pressures and decreased competitiveness of businesses on a global scale. Hence, labor costs have a dual-edge effect on the economy, providing both potential benefits and challenges. From the standpoint of enterprises, labor costs are a significant part of the operating expenses, often accounting for the largest share of the total costs in labor-intensive industries. A deep dive into labor costs helps businesses optimize their workforce management. By analyzing labor cost patterns, businesses can make informed decisions regarding hiring, wage adjustments, and investments in staff training to ensure maximum productivity and cost efficiency. For policymakers, labor cost statistics are paramount when devising fiscal and monetary policies. High labor costs might prompt policymakers to implement measures aimed at boosting productivity, such as investing in education and skills development, or encouraging technological advancements. Conversely, low labor costs may indicate underemployment or wage suppression, prompting interventions to stimulate wage growth and improve labor market conditions. Understanding labor costs also involves delving into various underlying factors that impact these costs. Economic conditions, labor market policies, collective bargaining agreements, consumer price index, and labor productivity are some of the key determinants. For instance, in a tight labor market with low unemployment rates, labor costs are likely to rise as employers compete to attract and retain talent. On the contrary, in scenarios of high unemployment, labor costs might stagnate or even decrease as the supply of available workers exceeds demand. Globalization has further added layers of complexity to the analysis of labor costs. With industries increasingly operating on an international scale, the comparison of labor costs across different regions and countries becomes pertinent. Businesses often make strategic decisions on location and outsourcing based on the labor cost dynamics of various geographies. Therefore, a granular analysis of international labor cost trends can provide strategic insights for multinational corporations looking to optimize their labor expenditures. Additionally, the rise of the gig economy and remote work have introduced new paradigms in the labor cost dynamics. The flexibility offered by gig and remote work arrangements has implications for both direct and indirect labor costs. Employers may save on office space and related overheads while potentially facing new challenges in managing a dispersed and diverse workforce. At Eulerpool, our commitment to accuracy and depth ensures that our labor cost data is meticulously collected, analyzed, and presented. By offering a comprehensive view of labor cost trends, factors influencing these costs, and their broader economic implications, we strive to be an indispensable resource for all stakeholders seeking to understand this critical economic indicator. Our data services encompass historical labor cost trends, real-time analytics, and predictive modeling to cater to a wide range of needs. Whether you are an economist, policymaker, business leader, investor, or researcher, leveraging our robust database allows you to gain granular insights, identify emerging trends, and make well-informed decisions. In conclusion, comprehensively grasping the nuances of labor costs is essential for a myriad of economic, business, and policy decisions. With Eulerpool’s expertise and extensive data resources, stakeholders are well-equipped to navigate the complexities of labor cost analysis, gaining the critical insights necessary to foster sustainable economic growth and competitiveness.