Financial News: U.S. Labor Productivity Rises Less Than Expected In

U.S. Labor Productivity Rises Less Than Expected In Q1

05/02/2024 - 08:41:00 (RTTNews)

(RTTNews) - A report released by the Labor Department on Thursday showed labor productivity in the U.S. increased by less than expected in the first quarter of 2024.

The Labor Department said labor productivity rose by 0.3 percent in the first quarter after spiking by a revised 3.5 percent in the fourth quarter.

Economists had expected productivity to climb by 0.8 percent compared to the 3.2 percent surge that had been reported for the previous quarter.

Meanwhile, the report said unit labor costs soared by 4.7 percent in the first quarter following a revised unchanged reading in the fourth quarter.

Economists had expected labor costs to shoot up by 3.2 percent compared to the 0.4 percent increase that had been reported for the previous quarter.

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