U.S. Labor Productivity Surges 2.3% In Q2, More Than Expected
(RTTNews) - Labor productivity in the U.S. shot up by more than expected in the second quarter, according to a report released by the Labor Department on Thursday.
The Labor Department said labor productivity surged by 2.3 percent in the second quarter after rising by a revised 0.4 percent in the first quarter.
Economists had expected labor productivity to jump by 1.7 percent compared to the 0.2 percent uptick that had been reported for the previous quarter.
The sharp increase in labor productivity, a measure of output per hour, came as output spiked by 3.3 percent compared to a 1.0 percent increase in hours worked.
Meanwhile, the report said unit labor costs climbed by 0.9 percent in the second quarter after soaring by a revised 3.8 percent in the first quarter.
Economists had expected unit labor costs to shoot up by 1.8 percent compared to the 4.0 percent spike that had been reported for the previous quarter.
Unit labor costs increased by less than expected as a 3.3 percent surge in hourly compensation was partly offset by the jump in productivity.
Real hourly compensation, which takes changes in consumer prices into account, rose by 0.4 percent in the second quarter, matching the increase seen in the first quarter.
U.S. Leading Economic Index Falls Much More Than Expected In August
Philly Fed Index Surges To Eight-Month High In September
U.S. Weekly Jobless Claims Pull Back Off Nearly Four-Year High
Philly Fed Index Surges Much More Than Expected In September
U.S. Weekly Jobless Claims Pull Back More Than Expected
Fed Cuts Rates By Quarter Point, Forecasts Two More Rate Cuts This Year
U.S. Housing Starts Pull Back Much More Than Expected In August
