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.
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