As the world emerges from the pandemic and the economy is picking up, the U.S. Bureau of Labor Statistics (BLS) released a report on Productivity and Costs by Industry, specifically focusing on Manufacturing and Mining Industries for the year 2022. The report highlighted that labor productivity declines were widespread among manufacturing industries in 2022, with decreases in 66 of the 86 four-digit NAICS manufacturing industries. Additionally, productivity fell in 3 of the 5 mining industries in 2022, with the greatest decrease occurring in the coal mining industry (-12.2 percent).
Increases in hours worked were widespread among manufacturing and mining industries in 2022. Hours worked rose in 79 of the 91 industries in 2022. However, only just over a third of the industries with rising hours worked had rising labor productivity.
The report also highlights the long-term trends in labor productivity and unit labor costs for the period 1987-2022. Over the entire period, labor productivity rose in 82 of the 91 manufacturing and mining industries. However, from 1987 to 2022, unit labor costs increased in 81 of the 86 four-digit NAICS manufacturing industries and in all five mining industries.
The computer and peripheral equipment industry recorded the largest productivity gain (+12.4 percent per year) as well as the largest unit labor costs decline (-10.7 percent) during the 1987-2022 period. However, between 2019 and 2022, the audio and video equipment industry posted the greatest productivity growth (+12.4 percent) and the largest unit labor costs decline (-15.4 percent).
For more information on the report, please visit the BLS website at www.bls.gov/productivity/tables/labor-productivity-detailed-industries.xlsx.
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