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

U.S. Labor Productivity Tumbles Much More Than Expected In Q1

05/04/2023 - 08:46:00 (RTTNews)

(RTTNews) - The Labor Department released a report on Thursday showing U.S. labor productivity tumbled by much more than expected in the first quarter of 2023.

The report said labor productivity plunged by 2.7 percent in the first quarter after jumping by a revised 1.6 percent in the fourth quarter.

Economists had expected labor productivity to slump by 1.8 percent compared to the 1.7 percent surge that had been reported for the previous quarter.

Meanwhile, the Labor Department said unit labor costs skyrocketed by 6.3 percent in the first quarter after shooting up by a revised 3.3 percent in the fourth quarter.

Economists had expected unit labor costs to soar by 5.5 percent compared to the 3.2 percent spike that had been reported for the previous quarter.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Slovakia Industrial Production, Trade Surplus Decline (35 min(s), 32 sec(s) ago)
(RTTNews) - Slovakia's industrial production declined in April, data from the Statistical Offi ...Full Story»

Turkey Industrial Production Contracts 1.2% (54 min(s), 32 sec(s) ago)
(RTTNews) - Turkey's industrial production declined in April after rebounding in the previous ...Full Story»

Swedish Economy Stagnates; Industrial Output Growth Accelerates (21 min(s), 32 sec(s) ago)
(RTTNews) - Sweden's economy remained unchanged in April after contracting in the previous two ...Full Story»

Russia Central Bank Signals Rate Hikes Ahead (52 min(s), 32 sec(s) ago)
(RTTNews) - The Bank of Russia left its key interest rate unchanged again on Friday but the forwar ...Full Story»

Finland Industrial Output Declines In April (04 min(s), 32 sec(s) ago)
(RTTNews) - Finland's industrial production logged a notable decline in April, figures from St ...Full Story»

Greece Inflation Eases Slightly To 2.8%, Lowest In 20 Months (35 min(s), 32 sec(s) ago)
(RTTNews) - Greece's consumer price inflation eased further in May to the lowest level in more ...Full Story»

Italy's Industrial Output Logs Steepest Fall In 7 Months (01 min(s), 32 sec(s) ago)
(RTTNews) - Italy's industrial production declined for the fourth successive month in April an ...Full Story»

Philippine Jobless Rate Falls To 4-Month Low (39 min(s), 32 sec(s) ago)
(RTTNews) - The Philippines' unemployment rate dropped for the second straight month in April ...Full Story»