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- U.S. labor productivity increases less than forecast in Q2
U.S. labor productivity increases less than forecast in Q2
The
preliminary data from the U.S. Labour Department showed on Tuesday that nonfarm
business sector labor productivity in the United States rose 2.3 percent q-o-q
in the second quarter of 2021, as output surged 7.9 percent q-o-q and hours
worked increased 5.5 percent q-o-q (seasonally adjusted). This was worse than economists’ forecast for a 3.5 percent q-o-q advance
after a revised 4.3 percent q-o-q gain in the first quarter (originally a 5.4
percent q-o-q climb).
In
y-o-y terms, the labor productivity went up 1.9 percent in the second quarter,
reflecting a 15.8-percent jump in output and a 13.6-percent climb in hours
worked.
Meanwhile,
unit labor costs in the nonfarm business sector in the second quarter rose 1.0
percent q-o-q compared to a revised 2.8 percent q-o-q drop in the prior quarter
(originally a 1.7 percent q-o-q increase). Economists
had forecast a 1.1 percent gain in first-quarter unit labor costs.
Unit
labor costs quarterly gain reflected a 3.3-percent q-o-q increase in hourly
compensation and a 2.3-percent rise in productivity.
Compared
to the corresponding period of 2020, unit labor costs edged up 0.1 percent, as
hourly compensation increased 2.0 percent and productivity grew 1.9 percent.
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