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Financial News: U.S. Labor Productivity Slumps Much More Than Expected

U.S. Labor Productivity Slumps Much More Than Expected In Q3

11/04/2021 - 08:44:00 (RTTNews)

(RTTNews) - A report released by the Labor Department on Thursday showed a steep drop in U.S. labor productivity in the third quarter.

The Labor Department said labor productivity tumbled by 5.0 percent in the third quarter after surging by an upwardly revised 2.4 percent in the second quarter.

Economists had expected labor productivity to decrease by 1.5 percent compared to the 2.1 percent jump that had been reported for the previous quarter.

Meanwhile, the report showed unit labor costs spiked by 8.3 percent in the third quarter after climbing by a downwardly revised 1.1 percent in the second quarter.

Labor costs were expected to shoot up by 5.2 percent compared to the 1.3 percent increase that had been reported for the previous quarter.

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