Financial News: UK Labor Productivity Declines In Q3

UK Labor Productivity Declines In Q3

11/21/2023 - 06:41:00 (RTTNews)

(RTTNews) - Labor productivity in the UK declined in the third quarter but remained above the pre-pandemic levels, the Office for National Statistics said Tuesday.

Output per hour worked decreased 0.3 percent from a year ago, offsetting the 0.3 percent rise in the second quarter. Nonetheless, this was 2.5 percent above the pre-coronavirus period. Quarter-on-quarter, output per hour was down 0.2 percent, reversing prior quarter's 0.7 percent increase.

Preliminary estimates showed that output per worker slid 0.1 percent annually as a 0.6 percent rise in gross value added was offset by a slightly higher 0.7 percent increase in the number of workers, the ONS said.

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