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Financial News: U.S. Labor Productivity Plunges Slightly Less Than Previou

U.S. Labor Productivity Plunges Slightly Less Than Previously Reported In Q1

06/02/2022 - 08:42:00 (RTTNews)

(RTTNews) - Revised data released by the Labor Department on Thursday showed U.S. labor productivity tumbled by slightly less than previously estimated in the first quarter of 2022.

The report showed labor productivity plunged by 7.3 percent compared to the previously reported 7.5 percent nosedive. Economists had expected the slump in productivity to be unrevised.

The Labor Department said the revised decrease still represented the largest decline in quarterly productivity since the third quarter of 1947.

Meanwhile, the report showed the spike in unit labor costs in the first quarter was upwardly revised to 12.6 percent from the previously reported 11.6 percent. The jump in labor costs was expected to be unrevised.

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