Wages & productivity · ULCNFB

Unit labor costs

As of Q2 2026, the unit labor costs had risen 1.4% from a year earlier, compared with a 12-month change of 0.4% in Q1 2026. The latest value was 124.0 (index 2017=100).

Source: U.S. Bureau of Labor Statistics via FRED®. Quarterly data, seasonally adjusted. Latest observation Q2 2026; snapshot taken Oct 27, 2026, 2:15 AM EDT.

Latest (Q2 2026)

124.0

Change from Q1 2026

+0.3%

A year earlier

122.3

12-month change

+1.4%

124.0 Q2 2026 · Index 2017=100

10511011512012520222023202420252026

Index 2017=100. Data from Q1 1947 to Q2 2026 (318 observations).

What it measures

Unit labor costs measure what businesses pay workers to produce one unit of output. They rise when pay grows faster than productivity, which can push up prices.

Official title
Nonfarm Business Sector: Unit Labor Costs for All Workers
Units
Index 2017=100
Frequency and adjustment
Quarterly, seasonally adjusted
Original source
U.S. Bureau of Labor Statistics
Recent values
DateValueChangeFrom a year ago
Q2 2026124.0+0.3%+1.4%
Q1 2026123.6+0.3%+0.4%
Q4 2025123.2+0.5%+1.8%
Q3 2025122.6+0.2%+2.0%
Q2 2025122.3-0.7%+2.0%
Q1 2025123.2+1.8%+3.0%
Q4 2024121.0+0.7%+2.6%
Q3 2024120.2+0.3%+2.2%
Q2 2024119.8+0.3%+2.2%
Q1 2024119.5+1.4%+2.6%
Q4 2023117.9+0.3%+1.8%
Q3 2023117.6+0.3%+1.0%

Related indicators

Labor productivity

2.2%

12-month change · Q2 2026

Employment Cost Index: total compensation

3.4%

12-month change · Q2 2026

This page shows public economic data for general information. It is not financial advice and does not predict future values.

Sources

  • U.S. Bureau of Labor Statistics, Nonfarm Business Sector: Unit Labor Costs for All Workers [ULCNFB], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/ULCNFB, Oct 27, 2026.
  • View ULCNFB on FRED® · U.S. Bureau of Labor Statistics

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