labor cost

labor cost

[′lā·bər ‚kȯst]
(industrial engineering)
That part of the cost of goods and services attributable to wages, especially for direct labor.

labor cost

On a construction project, the cost of all labor necessary to produce the construction required by the contract documents.
References in periodicals archive ?
Productivity and unit labor cost measures will need to accelerate from their current low levels to avoid this scenario.
ANKARA, Dec 17, 2010 (TUR) -- Hourly labor cost index rose by 11 percent year-on-year in the third quarter of 2010.
Labor cost is one indicator often used to assess the competitive position of a country.
These two trends have pushed up unit labor cost growth substantially over the past couple of years, from about a 1-1/2 percent decline to about a 3 percent rise by the end of 2006.
Proper material flow through the plant is the single most important part of reducing the labor cost in a plant while increasing efficiency.
At present, foreign competition from regions of lower labor cost is most acute for molded parts of simple design, whether produced in low or high volume.
Instead of lecturing Germany for overachieving, it would be better if other members could work towards both lower labor cost increases and more flexibility between different sectors and corporations.
While the market-determined product price for a ppt equals marginal revenue regardless of quantity sold (because the firm can sell as much as it chooses at that price), the market-determined wage for a rpt equals marginal labor cost regardless of amount of labor hired (because the firm can hire as much labor as it chooses at that wage).
For more information, see news release, "International Comparisons of Manufacturing Productivity and Unit Labor Cost Trends, 2003," USDL 04-1945.
A few mathematical economists even developed a simple formula of labor cost and labor demand according to which the demand for labor varies inversely to its cost at a two-to-one ratio.
For a company with 50 facilities, the annual potential savings could reach nearly $300,000 in labor cost savings alone.
The survey, which covers both manufacturing and services industries, puts the labor cost in Japan, including wages and social security payments, at 21.