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- U.S. labor productivity increases less than forecast in the third quarter
U.S. labor productivity increases less than forecast in the third quarter
The preliminary
data from the U.S. Labour Department showed on Thursday that nonfarm business
sector labor productivity in the United States rose 4.9 percent q-o-q in the third
quarter of 2020, as output surged 43.5 percent q-o-q and hours worked jumped
36.8 percent q-o-q (seasonally adjusted). This was below economists’ forecast
for a 5.6 percent q-o-q advance after a revised 10.6 percent q-o-q surge in the
second quarter (originally a 10.1 percent q-o-q climb).
Meanwhile, unit
labor costs in the nonfarm business sector in the third quarter fell 8.9
percent q-o-q compared to a revised 8.5 percent q-o-q jump in the prior quarter
(originally a 9.0 percent q-o-q gain). This was the biggest decrease in this
measure since the first quarter of 2009. Economists had forecast a 11.5 percent
tumble in third-quarter unit labor costs.
Unit labor
costs quarterly decline reflected a 4.4-percent q-o-q drop in hourly
compensation and a 4.9-percent advance in productivity.
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