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Financial News: UK Labor Productivity Improves In Q1

UK Labor Productivity Improves In Q1

07/07/2021 - 07:49:00 (RTTNews)

(RTTNews) - UK labor productivity recovered in the first quarter, data from the Office for National Statistics showed on Wednesday.

Output per hour grew 0.9 percent quarter-on-year, following a 0.7 percent fall in the fourth quarter.

The ONS said total hours worked fell faster than gross value added, resulting in more output per hour worked in the first quarter.

Output per hour was 0.5 percentage points above pre-coronavirus levels.

Data showed that output per worker fell by 4.7 percent quarter-on-year, reflecting workers retaining employment through the Coronavirus Job Retention Scheme, while not producing output.

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