Nonfarm Business Sector: Unit Labor Costs for All Workers (ULCNFB)
Nonfarm Business Sector: Unit Labor Costs for All Workers — Historical Chart
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Sign Up FreeUnderstanding Nonfarm Business Sector: Unit Labor Costs for All Workers
Nonfarm Business Sector: Unit Labor Costs for All Workers (FRED series ULCNFB) is a quarterly economic indicator measured in index 2017=100. The series is published through FRED, the Federal Reserve Bank of St. Louis economic database, with history going back to 1947. Values are seasonally adjusted, smoothing out predictable calendar effects so that underlying trends are easier to see.
Why it matters: Nonfarm Business Sector: Unit Labor Costs for All Workers is one of the indicators traders, economists, and policymakers watch within the economic complex. Analysts use it to track conditions in the US economy and to anticipate shifts in growth, inflation, and policy.
How to read it: focus on the direction and persistence of changes rather than any single quarterly print. Comparing the latest value against its level a year ago, and against its long-run range since 1947, gives a better sense of whether the series is signaling acceleration, deceleration, or a turning point.
About This Series
The Productivity and Costs release on August 7, 2003, will reflect the June 2003 benchmark revision to payroll employment. Since employment is now reported on a North American Industry Classification System (NAICS) basis, all of the historical data will be revised. Changes as a consequence of the move to NAICS should not be significant since this release carries data at high levels of aggregation.
Recent Data
| Date | Value (Index 2017=100) | Change |
|---|---|---|
| January 1, 2026 | 123.78 | -0.19 |
| October 1, 2025 | 123.96 | +1.4 |
| July 1, 2025 | 122.56 | +0.3 |
| April 1, 2025 | 122.27 | -0.87 |
| January 1, 2025 | 123.13 | +2.04 |
| October 1, 2024 | 121.09 | +1.11 |
| July 1, 2024 | 119.98 | -0.45 |
| April 1, 2024 | 120.44 | -0.28 |
| January 1, 2024 | 120.72 | +2.39 |
| October 1, 2023 | 118.33 | +0.35 |
| July 1, 2023 | 117.98 | +0.31 |
| April 1, 2023 | 117.67 | +0.88 |
Frequently Asked Questions
What is Nonfarm Business Sector: Unit Labor Costs for All Workers today?
The latest value of Nonfarm Business Sector: Unit Labor Costs for All Workers (ULCNFB) is shown at the top of this page, along with its observation date and the change from the prior reading. Data is sourced from FRED and refreshed regularly.
How often is Nonfarm Business Sector: Unit Labor Costs for All Workers updated?
Nonfarm Business Sector: Unit Labor Costs for All Workers is reported quarterly (Quarterly). New observations appear on FRED shortly after the source agency releases them, and this page updates daily.
What does a rising Nonfarm Business Sector: Unit Labor Costs for All Workers mean?
A sustained rise in Nonfarm Business Sector: Unit Labor Costs for All Workers signals strengthening readings in this economic measure, in index 2017=100. Whether that is positive or negative for markets depends on context — compare the move against the series’ trend and related indicators in the same category.
Where does the ULCNFB data come from?
The data comes from FRED® (Federal Reserve Economic Data), maintained by the Federal Reserve Bank of St. Louis, under series ID ULCNFB. History is available back to 1947.
Related Unknown Indicators
- Real Gross Domestic Product1.6
- Real gross domestic product per capita70,502
- Average Hourly Earnings of Production and Nonsupervisory Employees, Total Private32.31
- Average Weekly Hours of All Employees, Total Private34.3
- Average Weekly Hours of Production and Nonsupervisory Employees, Manufacturing41.6
- Average Weekly Overtime Hours of Production and Nonsupervisory Employees, Manufacturing4
- Business Applications: Total for All NAICS in the United States523,971
- ICE BofA US Corporate Index Option-Adjusted Spread0.75
Data sourced from FRED®, Federal Reserve Bank of St. Louis: Nonfarm Business Sector: Unit Labor Costs for All Workers (ULCNFB). Retrieved from fred.stlouisfed.org. Last updated June 4, 2026.