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Financial News: U.S. Labor Productivity Rises Slightly Less Than Previousl

U.S. Labor Productivity Rises Slightly Less Than Previously Estimated In Q1

06/06/2024 - 08:44:00 (RTTNews)

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

The Labor Department said labor productivity crept up by 0.2 percent in the first quarter compared to the previously reported 0.3 percent increase. Economists had expected the uptick in productivity to be downwardly revised to 0.1 percent.

The report said the surge in unit labor costs in the first quarter was also downwardly revised to 4.0 percent from the previously reported 4.7 percent. Unit labor costs were expected to spike by an upwardly revised 4.9 percent.

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