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Financial News: UK Labor Productivity Declines In Q4

UK Labor Productivity Declines In Q4

04/14/2021 - 07:00:00 (RTTNews)

(RTTNews) - UK labor productivity declined in the fourth quarter after rebounding a quarter ago, the Office for National Statistics showed on Wednesday.

Labor productivity, as measured by output per hour, decreased 0.7 percent annually, in contrast to a 4 percent rise in the third quarter. At the same time, output per worker fell by 5.9 percent compared with the same quarter a year ago, reflecting workers remaining employed through the Coronavirus Job Retention Scheme.

In 2020, output per hour worked grew 0.4 percent compared with 2019, although there was substantial volatility during the year.

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