Labor Share of Nonfarm Business Output

BLS seasonally adjusted labor-share index, 2017=100

Photo of Ross Kilburn
Data from

Where the Labor Share of Nonfarm Business Output stands now

The Labor Share of Nonfarm Business Output was 93.4 in the second quarter of 2026, the lowest in data back to 1947. It has been lower than the quarter before for five quarters in a row.

How the Labor Share of Nonfarm Business Output has moved since 1947

Labor Share of Nonfarm Business Output: down since 2021, the lowest in data back to 1947

Nonfarm business labor share for all workers, seasonally adjusted index (2017=100): 93.4 in the second quarter of 2026, down from 96.7 a year earlier. Quarterly, 1947–2026.

90 100 110 120 19472026 high · Q4 1960 · 117.1 93.4 Q2 2026 90 100 110 120 19472026 117.1 93.4
Source: U.S. Bureau of Labor Statistics data retrieved via FRED (PRS85006173) · Q1 1947 – Q2 2026 American Default Research · americandefault.org/indicators/the-split/
Download data (CSV)

See every quarterly figure ↓

What the Labor Share of Nonfarm Business Output measures

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.

A lower index value is worse for households.

Labor Share of Nonfarm Business Output by quarter, 1947 to 2026

The newest 300 quarters, newest first; the CSV has every quarter since 1947. The change compares each quarter with the same quarter a year earlier.

Download the data: CSV · JSON

Quarter Index value Change from a year earlier
Q2 2026 93.4 −3.3
Q1 2026 94.8 −3.1
Q4 2025 95.7 −1.2
Q3 2025 96 −0.7
Q2 2025 96.7 +0.1
Q1 2025 97.9 +1
Q4 2024 96.9 +0.7
Q3 2024 96.7 +0.4
Q2 2024 96.6 −0.1
Q1 2024 96.9 +0.3
Q4 2023 96.2 −0.7
Q3 2023 96.3 −1.9
Q2 2023 96.7 −0.8
Q1 2023 96.6 −2.5
Q4 2022 96.9 −2.7
Q3 2022 98.2 −2.5
Q2 2022 97.5 −2.9
Q1 2022 99.1 −1.5
Q4 2021 99.6 −3.2
Q3 2021 100.7 +0.7
Q2 2021 100.4 −3.8
Q1 2021 100.6 −1.6
Q4 2020 102.8 +3.2
Q3 2020 100 +1.1
Q2 2020 104.2 +4
Q1 2020 102.2 +0.9
Q4 2019 99.6 −0.5
Q3 2019 98.9 −1
Q2 2019 100.2 +0.6
Q1 2019 101.3 +1.5
Q4 2018 100.1 0
Q3 2018 99.9 −0.2
Q2 2018 99.6 −0.5
Q1 2018 99.8 +0.1
Q4 2017 100.1 +0.8
Q3 2017 100.1 +0.8
Q2 2017 100.1 +0.6
Q1 2017 99.7 −0.2
Q4 2016 99.3 −0.9
Q3 2016 99.3 −0.4
Q2 2016 99.5 0
Q1 2016 99.9 +0.2
Q4 2015 100.2 +1.2
Q3 2015 99.7 +2.1
Q2 2015 99.5 +1.2
Q1 2015 99.7 −0.3
Q4 2014 99 +1.4
Q3 2014 97.6 −0.7
Q2 2014 98.3 −1.4
Q1 2014 100 +1
Q4 2013 97.6 −3.6
Q3 2013 98.3 −0.3
Q2 2013 99.7 +0.9
Q1 2013 99 −0.3
Q4 2012 101.2 +3.4
Q3 2012 98.6 −1.5
Q2 2012 98.8 −0.9
Q1 2012 99.3 −2
Q4 2011 97.8 −1.3
Q3 2011 100.1 +0.5
Q2 2011 99.7 −0.1
Q1 2011 101.3 +1.9
Q4 2010 99.1 −1.9
Q3 2010 99.6 −2.4
Q2 2010 99.8 −3.2
Q1 2010 99.4 −2.6
Q4 2009 101 −5.1
Q3 2009 102 −2.2
Q2 2009 103 −1.3
Q1 2009 102 −3.8
Q4 2008 106.1 +1.8
Q3 2008 104.2 +0.1
Q2 2008 104.3 −0.7
Q1 2008 105.8 −0.3
Q4 2007 104.3 −0.5
Q3 2007 104.1 +0.2
Q2 2007 105 +1
Q1 2007 106.1 +1.5
Q4 2006 104.8 +0.8
Q3 2006 103.9 −0.4
Q2 2006 104 −0.7
Q1 2006 104.6 −0.1
Q4 2005 104 −2.1
Q3 2005 104.3 −2.9
Q2 2005 104.7 −1.7
Q1 2005 104.7 −1.3
Q4 2004 106.1 −0.8
Q3 2004 107.2 +0.5
Q2 2004 106.4 −1.4
Q1 2004 106 −1.6
Q4 2003 106.9 −1.6
Q3 2003 106.7 −1.8
Q2 2003 107.8 −1.2
Q1 2003 107.6 −1.1
Q4 2002 108.5 −2
Q3 2002 108.5 −2.6
Q2 2002 109 −2.7
Q1 2002 108.7 −4.9
Q4 2001 110.5 −0.7
Q3 2001 111.1 −0.9
Q2 2001 111.7 +1.2
Q1 2001 113.6 +0.8
Q4 2000 111.2 +1.9
Q3 2000 112 +2.8
Q2 2000 110.5 +0.9
Q1 2000 112.8 +2.9
Q4 1999 109.3 −0.2
Q3 1999 109.2 −0.5
Q2 1999 109.6 −0.1
Q1 1999 109.9 +0.9
Q4 1998 109.5 +1.6
Q3 1998 109.7 +2.9
Q2 1998 109.7 +2.8
Q1 1998 109 +1.1
Q4 1997 107.9 +0.8
Q3 1997 106.8 −0.3
Q2 1997 106.9 −0.1
Q1 1997 107.9 +0.4
Q4 1996 107.1 −0.3
Q3 1996 107.1 −0.2
Q2 1996 107 −0.1
Q1 1996 107.5 +0.3
Q4 1995 107.4 +0.3
Q3 1995 107.3 −0.6
Q2 1995 107.1 −0.9
Q1 1995 107.2 −0.5
Q4 1994 107.1 −1.9
Q3 1994 107.9 −1.3
Q2 1994 108 −2
Q1 1994 107.7 −1.4
Q4 1993 109 −0.8
Q3 1993 109.2 −1.5
Q2 1993 110 −0.9
Q1 1993 109.1 −2.2
Q4 1992 109.8 −1.1
Q3 1992 110.7 +0.4
Q2 1992 110.9 +0.3
Q1 1992 111.3 +0.4
Q4 1991 110.9 −0.7
Q3 1991 110.3 −0.3
Q2 1991 110.6 +0.1
Q1 1991 110.9 +0.7
Q4 1990 111.6 +1.5
Q3 1990 110.6 +1.4
Q2 1990 110.5 +1
Q1 1990 110.2 −0.5
Q4 1989 110.1 −0.9
Q3 1989 109.2 −2.5
Q2 1989 109.5 −2.5
Q1 1989 110.7 −1.2
Q4 1988 111 −0.1
Q3 1988 111.7 +0.4
Q2 1988 112 +1
Q1 1988 111.9 +0.3
Q4 1987 111.1 −0.1
Q3 1987 111.3 +1.3
Q2 1987 111 +1.8
Q1 1987 111.6 +2.7
Q4 1986 111.2 +2
Q3 1986 110 +2.2
Q2 1986 109.2 +0.8
Q1 1986 108.9 +0.5
Q4 1985 109.2 +0.7
Q3 1985 107.8 −0.6
Q2 1985 108.4 +0.2
Q1 1985 108.4 −0.2
Q4 1984 108.5 +0.4
Q3 1984 108.4 +0.4
Q2 1984 108.2 −1.3
Q1 1984 108.6 −2.8
Q4 1983 108.1 −4
Q3 1983 108 −4.7
Q2 1983 109.5 −3
Q1 1983 111.4 −1.7
Q4 1982 112.1 +1
Q3 1982 112.7 +2.6
Q2 1982 112.5 +1.5
Q1 1982 113.1 +3.2
Q4 1981 111.1 −1.1
Q3 1981 110.1 −2.7
Q2 1981 111 −1.2
Q1 1981 109.9 −1.3
Q4 1980 112.2 +0.7
Q3 1980 112.8 +2.1
Q2 1980 112.2 +1.8
Q1 1980 111.2 +0.4
Q4 1979 111.5 +2.7
Q3 1979 110.7 +1.8
Q2 1979 110.4 +1.4
Q1 1979 110.8 −0.5
Q4 1978 108.8 −0.9
Q3 1978 108.9 +0.6
Q2 1978 109 +0.2
Q1 1978 111.3 +2.5
Q4 1977 109.7 +0.7
Q3 1977 108.3 −0.7
Q2 1977 108.8 +0.3
Q1 1977 108.8 +0.2
Q4 1976 109 −0.4
Q3 1976 109 −0.3
Q2 1976 108.5 −1.9
Q1 1976 108.6 −2.9
Q4 1975 109.4 −3.2
Q3 1975 109.3 −4.6
Q2 1975 110.4 −2.5
Q1 1975 111.5 −2.2
Q4 1974 112.6 −0.9
Q3 1974 113.9 +0.8
Q2 1974 112.9 +1.3
Q1 1974 113.7 +2.4
Q4 1973 113.5 +2
Q3 1973 113.1 +2
Q2 1973 111.6 +0.7
Q1 1973 111.3 −0.9
Q4 1972 111.5 −0.8
Q3 1972 111.1 +0.2
Q2 1972 110.9 −0.6
Q1 1972 112.2 +0.7
Q4 1971 112.3 −1.4
Q3 1971 110.9 −2.3
Q2 1971 111.5 −2.2
Q1 1971 111.5 −3.7
Q4 1970 113.7 −1.1
Q3 1970 113.2 0
Q2 1970 113.7 +1.3
Q1 1970 115.2 +4.2
Q4 1969 114.8 +3.2
Q3 1969 113.2 +2.5
Q2 1969 112.4 +2.7
Q1 1969 111 +0.9
Q4 1968 111.6 +0.8
Q3 1968 110.7 0
Q2 1968 109.7 −1
Q1 1968 110.1 +0.2
Q4 1967 110.8 +0.9
Q3 1967 110.7 +0.4
Q2 1967 110.7 +0.7
Q1 1967 109.9 +1.3
Q4 1966 109.9 +1.4
Q3 1966 110.3 +1.1
Q2 1966 110 −0.7
Q1 1966 108.6 −2
Q4 1965 108.5 −3.6
Q3 1965 109.2 −1.4
Q2 1965 110.7 −0.1
Q1 1965 110.6 +0.1
Q4 1964 112.1 +0.3
Q3 1964 110.6 −0.6
Q2 1964 110.8 −1.9
Q1 1964 110.5 −2.6
Q4 1963 111.8 −1.1
Q3 1963 111.2 −1.4
Q2 1963 112.7 −1.1
Q1 1963 113.1 +0.1
Q4 1962 112.9 −0.7
Q3 1962 112.6 −1.2
Q2 1962 113.8 −1.1
Q1 1962 113 −3.5
Q4 1961 113.6 −3.5
Q3 1961 113.8 −1.7
Q2 1961 114.9 −1
Q1 1961 116.5 +2.9
Q4 1960 117.1 +3.1
Q3 1960 115.5 +2.4
Q2 1960 115.9 +2.9
Q1 1960 113.6 +0.2
Q4 1959 114 +1
Q3 1959 113.1 −1.8
Q2 1959 113 −2
Q1 1959 113.4 −3
Q4 1958 113 −2.2
Q3 1958 114.9 +0.6
Q2 1958 115 0
Q1 1958 116.4 +2.3
Q4 1957 115.2 +0.1
Q3 1957 114.3 −0.8
Q2 1957 115 +0.2
Q1 1957 114.1 +0.3
Q4 1956 115.1 +3.3
Q3 1956 115.1 +3.6
Q2 1956 114.8 +3.8
Q1 1956 113.8 +3
Q4 1955 111.8 −0.9
Q3 1955 111.5 −1.9
Q2 1955 111 −3.4
Q1 1955 110.8 −4.4
Q4 1954 112.7 −2.2
Q3 1954 113.4 −0.1
Q2 1954 114.4 +1.2
Q1 1954 115.2 +2.3
Q4 1953 114.9 +2.2
Q3 1953 113.5 +0.5
Q2 1953 113.2 +0.9
Q1 1953 112.9 +1.5
Q4 1952 112.7 +1.8
Q3 1952 113 +3.2
Q2 1952 112.3 +0.5
Q1 1952 111.4 +0.9
Q4 1951 110.9 −0.1
Q3 1951 109.8 −0.9

Quarterly · U.S. Bureau of Labor Statistics data retrieved via FRED (PRS85006173)

Measures related to the Labor Share of Nonfarm Business Output

Measure Latest
Business AI Adoption Rate 10.00% · Sep 21, 2025
METR 50% Task-Completion Horizon 17.4 hours · April 2026
Involuntary Part-Time Share of Employment 2.76% · September 2026
Long-Term Unemployed Share (27+ Weeks) 27.10% · September 2026

Counties with the highest labor scores

There's no county figure for this measure, so this list uses the labor part of our County Distress Index.

Rank County Score (0–100)
1 Apache County, AZ 99.2
2 Mingo County, WV 98.7
3 Navajo County, AZ 97.3
4 Luna County, NM 97.2
5 McKinley County, NM 96.8
6 Lake County, CA 96.8
7 Clare County, MI 96.6
8 Harlan County, KY 96.2
9 Wyoming County, WV 96.2
10 Pike County, KY 96.1

All 3,144 counties →

Questions about the Labor Share of Nonfarm Business Output

What is the labor share?

It is the share of the nonfarm business sector's output that goes to workers as compensation, including wages, benefits and employer taxes. BLS reports it here as an index with 2017 = 100; the the second quarter of 2026 reading was 93.4.

How has the labor share changed?

The index was 93.4 in the second quarter of 2026, down from 94.8 in the first quarter of 2026. It is the lowest reading in current BLS estimates for the nonfarm business sector, which begin in 1947; recent quarters are still subject to revision.

Does a lower labor share mean workers are paid less?

Not necessarily. The share compares compensation with output. Pay can rise while the share falls, if output grows more. The share is also one total for the whole sector, so it says nothing about how pay is split among workers.

Is this labor's share of GDP?

No. The base is output of the nonfarm business sector, which leaves out government, nonprofits, households and farms. Other labor-share measures, such as the nonfinancial corporate share or the Penn World Table share of GDP, are different series with different numbers.

Cite this Labor Share of Nonfarm Business Output: 93.4, Q2 2026 · American Default Research, from U.S. Bureau of Labor Statistics · americandefault.org/indicators/the-split/

Sources and method for the Labor Share of Nonfarm Business Output

  • U.S. Bureau of Labor Statistics data retrieved via FRED (PRS85006173) 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. We use the quarterly figures as published, from the first quarter of 1947 through the second quarter of 2026, with no adjustment of our own. U.S. Bureau of Labor Statistics’s report

We write with assistance from AI tools. Figures come from the data and sources named on this page.