U.S. Manufacturing Productivity Increased in Second Quarter

Sept. 6, 2007

Manufacturing productivity grew slightly faster -- 1.8%, in the second quarter of 2007, according to the Department of Labor. Durable good manufacturing had a 4.7% increase while nondurable had a 1.4% decrease.

In the nonfarm private business sector, productivity increased at a 2.6% annual rate in the second quarter of 2007. This was significantly higher than the 0.7% increase recorded in the first quarter.

Hourly compensation increased 4.1% in first quarter, and unit labor costs, which factors in higher wages and higher productivity, rose 1%.

"U.S. companies continue to bang out new products and more efficient methods for making goods and services. In the critical durable goods sector, which builds out many of the breakthroughs in information technology,productivity was up as well. In addition, biotechnology is driving profit growth in the agribusinesses, like Monsanto," said Peter Morici, professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.

Popular Sponsored Recommendations

3D Printing a More Efficient Factory Floor

Nov. 16, 2023
Today’s additive manufacturing platforms make it simple to print a wide range of high-performing industrial parts as soon as possible and right where you need them — unlocking...

Smarter Savings for Manufacturers - Guide

Sept. 12, 2023
Enhance your service experiences and boost revenue while reducing costs. Learn how one platform can help your business be more agile and productive in today's market.

Digitally Transforming Data and Processes With Product Lifecycle Management

Oct. 29, 2023
Manufacturers face increasing challenges in product development as they strive to consistently deliver improved results. Discover how industry leaders are improving time-to-market...

Lean Manufacturing in the Age of the Industrial Internet

Oct. 24, 2023
Read how advanced MES capabilities can help you improve your labor utilization, reduce WIP, and optimize your production. Download the white paper today.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!