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Financial News: U.S. Labor Productivity Unexpectedly Edges Lower In Q3

U.S. Labor Productivity Unexpectedly Edges Lower In Q3

11/06/2019 - 08:38:00 (RTTNews)

(RTTNews) - Labor productivity in the U.S. unexpectedly edged lower in the third quarter, according to preliminary data released by the Labor Department on Wednesday.

The report said labor productivity dipped by 0.3 percent in the third quarter after spiking by an upwardly revised 2.5 percent in the second quarter.

The drop came as a surprise to economists, who had expected productivity to climb by 0.9 percent compared to the 2.3 percent jump originally reported for the previous month.

Meanwhile, the Labor Department said unit labor costs soared by 3.6 percent in the third quarter after surging up by a downwardly revised 2.4 percent in the second quarter.

Economists had expected unit labor costs to jump by 2.2 percent compared to the 2.6 percent spike originally reported for the previous month.

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