Rising unit labor costs threaten China's export competitiveness
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Publication Date:
August 07, 2018
Labor cost remains critical for manufacturing firms in China. Rising labor costs threaten competitiveness if they are not matched with comparable gains in labor productivity. In manufacturing production, unit labor cost (ULC), which measures the nominal labor cost for firms to produce one unit of real output, represents a direct link between labor productivity and labor cost. Therefore, understanding ULC is critical to gauge manufacturing sector competitiveness and broader economic sustainability.
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