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Financial News: Slump In Second Quarter U.S. Labor Productivity Revised

Slump In Second Quarter U.S. Labor Productivity Revised To 4.1%

09/01/2022 - 10:03:00 (RTTNews)

(RTTNews) - Labor productivity in the U.S. tumbled by less than previously estimated in the second quarter, according to revised data released by the Labor Department on Thursday.

The Labor Department said labor productivity dove by 4.1 percent in the second quarter compared to the previously reported 4.6 percent plunge. Economists had expected the slump in productivity to be revised to 4.5 percent.

The smaller than previously reported decrease in productivity came on the heels of a 7.4 percent nosedive in the first quarter.

The revision to productivity, a measure of output per hour, came as the decline in productivity was revised to 1.4 percent from 2.1 percent, while the jump in hours worked was revised to 2.7 percent from 2.6 percent.

The report also showed the surge in labor costs in the second quarter was downwardly revised to 10.2 percent from 10.8 percent. Economists had expected a more modest revision to 10.7 percent.

The spike in unit labor costs in the second quarter came after unit labor costs soared by 12.7 percent in the first quarter.

The revision to unit labor costs reflected the smaller than previously reported slump in productivity, as the jump in hourly compensation was unrevised at 5.7 percent.

The decrease in real hourly compensation, which takes changes in consumer prices into account, was also unrevised at 4.4 percent.

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