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U.S. Labor Productivity Rebounds 3.7% In Q2, Much More Than Expected
(RTTNews) - Labor productivity in the U.S. rebounded by much more than expected in the second quarter of 2023, according to a report released by the Labor Department on Thursday.
The report said labor productivity spiked by 3.7 percent in the second quarter after slumping by a revised 1.2 percent in the first quarter.
Economists had expected productivity to jump by 2.0 percent compared to the 2.1 percent plunge that had been reported for the previous quarter.
The bigger than expected increase in labor productivity, a measure of output per hour, came as output surged by 2.4 percent but hours worked tumbled by 1.3 percent.
The Labor Department also said unit labor costs shot up by 1.6 percent in the second quarter after soaring by 3.3 percent in the first quarter.
Unit labor costs were expected to surge by 2.6 percent compared to the 4.2 percent spike that had been reported for the previous quarter.
The smaller than expected jump in unit labor costs came as the increase in productivity helped offset a 5.5 percent surge in hourly compensation.
Real hourly compensation, which takes changes in consumer prices into account, advanced by 2.7 percent in the second quarter after tumbling by 1.6 percent in the first quarter.
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