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Financial News: U.S. Labor Productivity Tumbles Less Than Previously Estim

U.S. Labor Productivity Tumbles Less Than Previously Estimated In Q2

09/01/2022 - 08:42:00 (RTTNews)

(RTTNews) - Labor productivity in the U.S. tumbled by less than previously estimated in the second quarter, according to revised data released by the Labor Department on Thursday.

The Labor Department said labor productivity dove by 4.1 percent in the second quarter compared to the previously reported 4.6 percent plunge. Economists had expected the slump in productivity to be revised to 4.5 percent.

The smaller than previously reported decrease in productivity came on the heels of a 7.4 percent nosedive in the first quarter.

The report also showed the surge in labor costs in the second quarter was downwardly revised to 10.2 percent from 10.8 percent. Economists had expected a more modest revision to 10.7 percent.

The spike in unit labor costs in the second quarter came after unit labor costs soared by 12.7 percent in the first quarter.

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