Nonfarm Business Sector: Unit Labor Costs for All Workers
Nonfarm Business Sector: Unit Labor Costs for All Workers is labour cost per unit of output, reported as Index 2017=100.
124.02
Index 2017=100
Nonfarm Business Sector: Unit Labor Costs for All Workers — latest reading: 124.02. As of April 2026, it is up 5.8% over the past 12 months, well above its 10-year average. Source: ULCNFB, US Bureau of Labor Statistics, published quarterly. Reported as published, without transformation; the publisher may revise it. Higher than every one of the other 317 readings since 1947-01-01.
Min
14.98
Max
124.02
Average
60.05
10Y Percentile
100%
3M Change
+1.2%
Nonfarm Business Sector: Unit Labor Costs for All Workers (ULCNFB) — 318 observations from 1947-01-01 to 2026-04-01. Source: FRED, Federal Reserve Bank of St. Louis. Red shading indicates NBER recession periods.
Compare Nonfarm Business Sector: Unit Labor Costs for All Workers with other indicators →
How these numbers changed
Every figure above is the current one. These are the same periods as first published — what Nonfarm Business Sector: Unit Labor Costs for All Workers said on the day, before it was restated. Measured in Index 2017=100.
| Period | First print | Now | Change | Republished |
|---|---|---|---|---|
| Jan 2026 | 124.666 | 123.62 | -1.046 | 2× |
| Oct 2025 | 122.553 | 123.216 | +0.663 | 3× |
| Jul 2025 | 121.637 | 122.57 | +0.933 | 4× |
| Apr 2025 | 123.623 | 122.27 | -1.353 | 4× |
| Jan 2025 | 122.236 | 123.17 | +0.934 | 5× |
| Oct 2024 | 121.402 | 121.032 | -0.37 | 6× |
| Jul 2024 | 121.983 | 120.171 | -1.812 | 7× |
| Apr 2024 | 120.394 | 119.844 | -0.55 | 8× |
| Jan 2024 | 121.228 | 119.531 | -1.697 | 7× |
| Oct 2023 | 119.564 | 117.93 | -1.634 | 8× |
| Jul 2023 | 119.686 | 117.571 | -2.115 | 10× |
Nonfarm Business Sector: Unit Labor Costs for All Workers for January 2026 first printed at 124.666 on May 7, 2026, was revised 2 times, and now reads down to 123.62. Recompute any row from FRED's own vintage archive.
Macro Regime Context
The growth regime is currently late cycle (67% confidence).
See what this means across all four regime dimensions →3-Month
+1.2%
6-Month
+2.5%
12-Month
+5.8%
What this means
Nonfarm Business Sector: Unit Labor Costs for All Workers is currently at 124.02 , which is well above its 10-year historical average. The trend is increasing (+1.2% over the past 3 months).
Over the past 6 months the change is +2.5%, and over 12 months it is +5.8%. The short-term pace is consistent with the longer trend.
Cite this page
MacroRadar, "Nonfarm Business Sector: Unit Labor Costs for All Workers," https://www.macroradar.io/nonfarm-business-sector-unit-labor-costs-for-all-workers (as of April 2026).