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U.S. Labor Productivity Growth In Q3 Unrevised From Initial Estimate
(RTTNews) - While the Labor Department released a report on Tuesday showing the jump by U.S. labor productivity in the third quarter was unrevised from the previous estimate, the report also showed a downward revision to the increase by U.S. unit labor costs.
The report said labor productivity shot up by 2.2 percent in the third quarter, unrevised from the initial estimate and in line with economist estimates.
The sharp increase in labor productivity in the third quarter reflects a modest acceleration from the 2.1 percent surge in the second quarter.
Meanwhile, the Labor Department said the increase in unit labor costs in the third quarter was downwardly revised to 0.8 percent from the 1.9 percent jump originally reported. Economists had expected the pace of unit labor cost growth to be unrevised.
Revised data also showed unit labor costs slumped by 1.1 percent in the second quarter compared to the previously reported 2.4 percent spike.
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