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Financial News: UK Labor Productivity Declines For Third Straight Quarter

UK Labor Productivity Declines For Third Straight Quarter

07/05/2019 - 05:15:00 (RTTNews)

(RTTNews) - UK labor productivity declined for the third straight quarter at the start of 2019, the Office for National Statistics reported Friday.

Labor productivity declined 0.2 percent sequentially in the first quarter, following a 0.1 percent drop a quarter ago. This was the third consecutive decrease.

Productivity in services gained 0.2 percent, while that in manufacturing fell 0.9 percent in the first quarter.

Data showed that unit labor cost advanced 2.1 percent annually as labor costs increased and productivity fell.

At the same time, unit wage costs gained 1.8 percent from a year ago, while manufacturing unit wage costs logged no growth, the ONS said.

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