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FRIDAY, SEPTEMBER 29, 2023
US first-quarter productivity rises at its fastest pace in 11 years

Global Economy

Reuters
14 August, 2020, 07:20 pm
Last modified: 14 August, 2020, 07:22 pm

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US first-quarter productivity rises at its fastest pace in 11 years

The Labor Department said on Friday nonfarm productivity, which measures hourly output per worker, increased at a 7.3 percent annualized rate last quarter, its largest rise since the second quarter of 2009

Reuters
14 August, 2020, 07:20 pm
Last modified: 14 August, 2020, 07:22 pm
FILE PHOTO: Workers assemble a Ford truck at the new Louisville Ford truck plant in Louisville, Kentucky, US September 30, 2016. REUTERS/Bryan Woolston
FILE PHOTO: Workers assemble a Ford truck at the new Louisville Ford truck plant in Louisville, Kentucky, US September 30, 2016. REUTERS/Bryan Woolston

US worker productivity increased at its fastest pace in 11 years in second quarter as hours plunged amid the Covid-19 pandemic, leading to an acceleration in labor costs.

The Labor Department said on Friday nonfarm productivity, which measures hourly output per worker, increased at a 7.3 percent annualized rate last quarter, its largest rise since the second quarter of 2009. Productivity fell at a 0.3 percent pace in the January-March period. Hours worked tumbled at a 43.0 percent rate in the second quarter, the largest since the series started in the first quarter of 1947.

Economists polled by Reuters had forecast productivity rebounding at a 1.5 percent rate in the second quarter.

Compared to the second quarter of 2019, productivity rose at a 2.2 percent rate. Growth in unit labor costs - the price of labor per single unit of output - jumped at a 12.2 percent rate in the April-June quarter. Unit labor costs increased at a 9.8 percent rate in the first quarter. They rose at a 5.7 percent rate in from a year ago.

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