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Financial News: U.S. Labor Productivity Growth Unrevised At 2.3% In

U.S. Labor Productivity Growth Unrevised At 2.3% In Q2

09/05/2019 - 09:22:00 (RTTNews)

(RTTNews) - A report released by the Labor Department on Thursday showed labor productivity growth in the second quarter was unrevised from the initial estimate, although the report also showed an upward revision to labor cost growth.

The Labor Department said productivity increased by 2.3 percent in the second quarter, unchanged from the preliminary estimate. Economists had expected the pace of productivity growth to be downwardly revised to 2.2 percent.

The jump in productivity, a measure of output per hour, was unrevised as the increase in output and the drop in hours workers were also unrevised.

The report said output surged up by 1.9 percent in the second quarter, while hours worked fell by 0.4 percent.

Meanwhile, the Labor Department said the increase in unit labor costs in the second quarter was upwardly revised to 2.6 percent from 2.4 percent. Labor cost growth had been expected to be upwardly revised to 2.5 percent.

The bigger than previously estimated increase in unit labor costs came as the spike in hourly compensation was upwardly revised to 4.9 percent from 4.8 percent.

The increase in real hourly compensation, which takes changes in consumer prices into account, was also upwardly revised to 1.9 percent from 1.8 percent.

In the first quarter, labor productivity surged up by 3.5 percent, as output soared by 3.9 percent compared to a 0.4 percent uptick in hours worked.

Unit labor costs also spiked by 5.7 percent in the first quarter as hourly compensation skyrocketed by 9.4 percent and real hourly compensation shot up by 8.4 percent.

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