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Financial News: U.S. Labor Productivity Growth Unrevised At 2.9% In

U.S. Labor Productivity Growth Unrevised At 2.9% In Q2

09/06/2018 - 09:51:00 (RTTNews)

(RTTNews) - Reflecting upward revisions to both output and hours worked, the Labor Department released a report on Thursday showing the pace of growth in labor productivity in the second quarter was unrevised.

The report said labor productivity increased by 2.9 percent in the second quarter, unrevised from the preliminary estimate but still reflecting a significant acceleration from the 0.3 percent uptick in the first quarter. Economists had expected productivity growth to be upwardly revised to 3.0 percent.

The unrevised reading on productivity, a measure of output per hour, came as the increases in output and hours worked were both upwardly revised to 5.0 percent and 2.0 percent, respectively.

Meanwhile, the Labor Department said the decrease in unit labor costs in the second quarter was revised to 1.0 percent from 0.9 percent. Economists had expected the drop in unit labor costs to be unrevised.

The decrease in unit labor costs in the second quarter, which followed a 3.4 percent spike in the first quarter, came as a 1.9 percent jump in hourly compensation was offset by the increase in productivity.

The Labor Department said real hourly compensation, which takes changes in consumer prices into account, edged up by 0.2 percent in the second quarter.

Compared to the same quarter a year ago, productivity was up by 1.3 percent in the second quarter, as output jumped by 3.5 percent and hours worked increased by 2.2 percent.

Unit labor costs were up by 1.9 year-over-year in the second quarter amid a 3.2 percent surge in hourly compensation. Real hourly compensation was up just 0.5 percent year-over-year.

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