U.S. Q3 Labor Productivity Growth Upwardly Revised To 0.8%
07 December 2022 - 8:32PM
RTTF2
Revised data released by the Labor Department on Wednesday
showed U.S. labor productivity increased by much more than
initially estimated in the third quarter.
The Labor Department said labor productivity climbed by 0.8
percent in the third quarter compared to the previously reported
0.3 percent uptick. Economists had expected productivity growth to
be upwardly revised to 0.5 percent.
The upward revision to labor productivity, a measure of output
per hour, came as the spike in output was upwardly revised to 3.3
percent from 2.8 percent, while the jump in hours worked was
upwardly revised to 2.5 percent from 2.4 percent.
The stronger than previously estimated labor productivity growth
in the third quarter came on the heels of a 4.1 percent plunge in
productivity in the second quarter.
Meanwhile, the report showed the surge in unit labor costs in
the third quarter was downwardly revised to 2.4 percent from 3.5
percent. The jump in unit labor costs was expected to be downwardly
revised to 3.2 percent.
The downward revision to unit labor cost growth reflected the
upward revision to productivity as well as a downward revision to
the spike in hourly compensation, which was downwardly revised to
3.2 percent from 3.8 percent.
Real hourly compensation, which takes changes in consumer prices
into account, tumbled by 2.3 percent compared to the previously
reported 1.7 percent slump.
The downwardly revised jump in unit labor costs in the third
quarter came after labor costs soared by 6.7 percent in the second
quarter.
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