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Financial News: UK Labor Productivity Growth Accelerates In Q4

UK Labor Productivity Growth Accelerates In Q4

04/05/2017 - 06:25:00 (RTTNews)

(RTTNews) - UK labor productivity grew the most in six quarters at the end of 2016, the Office for National Statistics said Wednesday.

Output per hour increased 0.4 percent in the fourth quarter from prior three months, when it grew 0.2 percent. This was the fastest expansion since the second quarter of 2015.

Manufacturing productivity advanced 1.7 percent and services productivity climbed 0.8 percent in the fourth quarter.

Data showed that earnings and other labor costs growth outpaced productivity growth, resulting in unit labor cost growth of 2.1 percent in the year to the fourth quarter.

With the UK facing a highly uncertain future outside the EU, the need to improve productivity becomes ever greater, IHS Markit Economist Howard Archer, said.

A major risk is that prolonged uncertainty and concerns over the UK's economic outlook ends up weighing down markedly on business investment and damages productivity, he added.

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