Long abstract
New OECD statistics news release on quarterly unit labour costs
Commencing in October 2007, the OECD will publish a statistics news release on developments in quarterly unit labour costs (ULC) in OECD Member countries. This quarterly news release will be published in the first half of January, April, July and October containing data for the quarter prior to that just completed. Unit labour costs measure the average cost of labour per unit of output. They are calculated as the ratio of total labour costs to real output, or equivalently, as the ratio of mean labour costs per hour to labour productivity (output per hour). As such, ULC represent a link between productivity and the cost of labour in producing output. An increase in unit labour costs indicates that growth in average employee compensation exceeds growth in labour productivity, which may create pressure on producer prices. |
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