U.S. Labor Productivity Growth Unrevised At 2.9% In Q2
September 06 2018 - 5:51AM
RTTF2
Reflecting upward revisions to both output and hours worked, the
Labor Department released a report on Thursday showing the pace of
growth in labor productivity in the second quarter was
unrevised.
The report said labor productivity increased by 2.9 percent in
the second quarter, unrevised from the preliminary estimate but
still reflecting a significant acceleration from the 0.3 percent
uptick in the first quarter. Economists had expected productivity
growth to be upwardly revised to 3.0 percent.
The unrevised reading on productivity, a measure of output per
hour, came as the increases in output and hours worked were both
upwardly revised to 5.0 percent and 2.0 percent, respectively.
Meanwhile, the Labor Department said the decrease in unit labor
costs in the second quarter was revised to 1.0 percent from 0.9
percent. Economists had expected the drop in unit labor costs to be
unrevised.
The decrease in unit labor costs in the second quarter, which
followed a 3.4 percent spike in the first quarter, came as a 1.9
percent jump in hourly compensation was offset by the increase in
productivity.
The Labor Department said real hourly compensation, which takes
changes in consumer prices into account, edged up by 0.2 percent in
the second quarter.
Compared to the same quarter a year ago, productivity was up by
1.3 percent in the second quarter, as output jumped by 3.5 percent
and hours worked increased by 2.2 percent.
Unit labor costs were up by 1.9 year-over-year in the second
quarter amid a 3.2 percent surge in hourly compensation. Real
hourly compensation was up just 0.5 percent year-over-year.
Sterling vs US Dollar (FX:GBPUSD)
Forex Chart
From Aug 2024 to Sep 2024
Sterling vs US Dollar (FX:GBPUSD)
Forex Chart
From Sep 2023 to Sep 2024