A line and bar chart showing year-over-year changes since 2000 in wages, productivity, and unit labor costs. Wages and productivity have followed similar patterns for most of the period. However, since the middle of 2022, wages have increased while productivity has fallen, keeping unit-labor costs elevated. In the first quarter of 2024, unit labor costs were up by 5.8% year over year, reflecting a 0.1% year-over-year decrease in productivity and a 6.4% year-over-year increase in wages.