Financial News: U.S. Labor Productivity Jumps More Than Previously Estimat

U.S. Labor Productivity Jumps More Than Previously Estimated In Q2

09/05/2024 - 08:42:00 (RTTNews)

(RTTNews) - A report released by the Labor Department on Thursday showed labor productivity in U.S. jumped by more than previously estimated in the second quarter, while unit labor costs rose by less than previously estimated.

The Labor Department said labor productivity shot up by 2.5 percent in the second quarter compared to the previously reported 2.3 percent surge. Economists expected the pace of productivity growth to be unrevised.

The upwardly revised productivity growth in the second quarter reflects a significant acceleration compared to the 0.4 percent increase in the first quarter.

Meanwhile, the report said unit labor costs rose by 0.4 percent in the second quarter compared to the previously reported 0.9 percent advance. Economists had expected the pace of labor cost growth to be unrevised.

The downwardly revised increase in labor cost growth in the second quarter compares to the 3.8 percent spike seen in the first quarter.

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