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- U.S. labor productivity rise more than expected in the second quarter
U.S. labor productivity rise more than expected in the second quarter
The preliminary
data from the U.S. Labour Department showed on Thursday that nonfarm business
sector labor productivity in the United States increased 2.3 percent q-o-q in
the second quarter of 2019, as output advanced 1.9 percent q-o-q and hours
worked fell 0.4 percent q-o-q (seasonally adjusted).
That was above
economists’ forecast for a 1.5 percent q-o-q gain after a revised 3.5 percent
q-o-q increase in the first quarter (originally a 3.4 percent q-o-q surge).
In y-o-y terms,
the labor productivity rose 1.8 percent in the second quarter, reflecting a 2.6-percent
jump in output and a 0.8-percent advance in hours worked.
Meanwhile, unit
labor costs in the nonfarm business sector in the second quarter rose 2.4 percent
q-o-q compared to a revised 5.5 percent q-o-q surge in the prior quarter (originally
a 1.6 percent q-o-q drop).
Economists had
forecast a 1.7 percent gain in second-quarter unit labor costs.
Unit labor
costs quarterly increase reflected primarily a 4.8-percent climb in hourly
compensation and a 2.3-percent advance in labor productivity.
Compared to the
corresponding period of 2018, unit labor costs rose 2.5 percent.
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