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U.S. Labor Productivity Jumps Less Than Previously Estimated In Q2
(RTTNews) - A report released by the Labor Department on Thursday showed labor productivity in the U.S. jumped by less than previously estimated in the second quarter.
The Labor Department said the surge in productivity in the second quarter was downwardly revised to 3.5 percent from 3.7 percent. Economists had expected the pace of growth to be upwardly revised to 3.8 percent.
The spike in labor productivity in the first quarter still reflects a notable rebound from the 1.2 percent slump in the first quarter.
Meanwhile, the report said the jump in unit labor costs in the second quarter was upwardly revised to 2.2 percent from 1.6 percent. Economists had expected the increase to be unrevised.
The bigger than previously estimated increase in unit labor costs in the second quarter came on the heels of a 3.3 percent surge in the first quarter.
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