unit labor costs take consumer prices into account but not the productivity number. Productivity is output divided by hours worked and there is no price adjustment described for the output number unless I missed something in that link.
Businesses may also be more staffed up than the same quarter a year ago.
Productivity is up over last quarter but down compared to the same quarter a year ago, when businesses were complaining about being understaffed (the enhanced unemployment ended in September of Q3 2021). Did the delta outbreak also depress hours worked and juice the health sector's contributions to GDP or hurt it because there are more profitable procedures?
All I can say is output is not adjusted for prices.
Businesses may also be more staffed up than the same quarter a year ago.
Productivity is up over last quarter but down compared to the same quarter a year ago, when businesses were complaining about being understaffed (the enhanced unemployment ended in September of Q3 2021). Did the delta outbreak also depress hours worked and juice the health sector's contributions to GDP or hurt it because there are more profitable procedures?
All I can say is output is not adjusted for prices.