Economy / Jobs & Wages
U.S. productivity rises at 3.6% annual rate as unit labor costs fall
Output grew faster than hours worked in preliminary third-quarter figures.
Status: source-checked.
U.S. nonfarm business productivity rose at a seasonally adjusted annual rate of 3.6% in the third quarter, the Bureau of Labor Statistics said Thursday in a preliminary report.
Output increased at a 3.7% annual rate while hours worked rose 0.1%. Productivity measures output per hour, rather than total production or the number of people employed.
Unit labor costs fell at a 0.7% annual rate as hourly compensation grew more slowly than productivity. Compared with a year earlier, productivity was up 2.1% and unit labor costs were up 2.4%.
The figures are preliminary. The agency scheduled revised third-quarter estimates for Dec. 8.
What we know / what we don't
What we know
- U.S. nonfarm business productivity rose at a seasonally adjusted annual rate of 3.6% in the third quarter, the Bureau of Labor Statistics said Thursday in a preliminary report.
What we don't know
- Advance estimates may be revised; projections and future outcomes are not independently established.
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