---
title: "Labor Share of Nonfarm Business Output"
slug: the-split
summary: "Labor-share index at 93.4 in Q2 2026 (2017 = 100), down from 94.8 in Q1 2026"
category: "The Deal"
unit: index
frequency: quarterly
direction: lower_is_worse
latest_value: 93.446
latest_period: "2026-Q2"
trend: falling
last_updated: "2026-09-03T00:00:00Z"
source: "U.S. Bureau of Labor Statistics data retrieved via FRED"
measurement_basis: "Seasonally adjusted BLS index of labor share for all workers in the nonfarm business sector, with 2017=100 (series PRS85006173). The level is an index, not a percentage of income or output."
source_url: https://fred.stlouisfed.org/series/PRS85006173
canonical_html: https://americandefault.org/indicators/the-split/
citation_apa: "Kilburn, R. (2026). Labor Share of Nonfarm Business Output [Data set]. American Default Research. https://americandefault.org/indicators/the-split/"
citation_chicago: "Kilburn, Ross. 2026. \"Labor Share of Nonfarm Business Output.\" American Default Research. https://americandefault.org/indicators/the-split/."
citation_mla: "Kilburn, Ross. \"Labor Share of Nonfarm Business Output.\" American Default Research, 2026, americandefault.org/indicators/the-split/."
---

# Labor Share of Nonfarm Business Output

Also tracked as The Split.

> Labor-share index at 93.4 in Q2 2026 (2017 = 100), down from 94.8 in Q1 2026

## Current Reading

As of 2026-Q2, Labor Share of Nonfarm Business Output is **93.4** (falling — worsening for households).

BLS seasonally adjusted nonfarm business labor-share index, 2017=100. The level is an index, not a percentage of income or output.

## What Changed

- The BLS nonfarm business labor-share index was 93.4 in Q2 2026 (2017 = 100), down from 94.8 in Q1 2026.
- The lowest reading in current BLS estimates, which begin in 1947.

## Recent Values

| Period | Value |
|--------|-------|
| 2026-Q2 | 93.446 |
| 2026-Q1 | 94.843 |
| 2025-Q4 | 95.727 |
| 2025-Q3 | 95.999 |
| 2025-Q2 | 96.723 |
| 2025-Q1 | 97.871 |
| 2024-Q4 | 96.94 |
| 2024-Q3 | 96.657 |
| 2024-Q2 | 96.602 |
| 2024-Q1 | 96.882 |
| 2023-Q4 | 96.224 |
| 2023-Q3 | 96.251 |

## Historical Context

- Peak since 1947: **117.1** in Q4 1960
- Low since 1947: **93.4** in Q2 2026
- Pre-pandemic average (2015-01 – 2019-12): **99.8**
- Post-pandemic average (2020-01 – 2024-12): **98.8**

## Methodology

This indicator carries quarterly observations and is interpreted as lower values indicate worse household conditions. Source: U.S. Bureau of Labor Statistics data retrieved via FRED.
Measurement basis: Seasonally adjusted BLS index of labor share for all workers in the nonfarm business sector, with 2017=100 (series PRS85006173). The level is an index, not a percentage of income or output.
Automation: collected automatically on the daily refresh pipeline, with no hand entry.

## Source

U.S. Bureau of Labor Statistics data retrieved via FRED — [https://fred.stlouisfed.org/series/PRS85006173](https://fred.stlouisfed.org/series/PRS85006173)

Data retrieved: 2026-09-03T00:00:00Z

## Machine-Readable Endpoints

- HTML page: https://americandefault.org/indicators/the-split/
- JSON: https://americandefault.org/api/indicators/the-split.json
- CSV: https://americandefault.org/api/downloads/the-split.csv
- BibTeX: https://americandefault.org/citations/the-split.bib
- RIS: https://americandefault.org/citations/the-split.ris

## Citation

**APA 7th**

    Kilburn, R. (2026). Labor Share of Nonfarm Business Output [Data set]. American Default Research. https://americandefault.org/indicators/the-split/

**Chicago (author-date)**

    Kilburn, Ross. 2026. "Labor Share of Nonfarm Business Output." American Default Research. https://americandefault.org/indicators/the-split/.

**MLA 9th**

    Kilburn, Ross. "Labor Share of Nonfarm Business Output." American Default Research, 2026, americandefault.org/indicators/the-split/.

Use **American Default Research** as the institutional name in source lists, bibliographies, and press citations. **American Default** is the brand and URL form. **American Distress Index (ADI)** is the product name for the national composite score.