Third-Quarter Productivity In United States Revised Higher
December 16, 2013 by UPI - United Press International, Inc.
WASHINGTON (UPI) — Productivity in non-farm businesses rose higher than previously thought in the third quarter, the U.S. Bureau of Labor Statistics reported Monday.
The most pronounced revision from November’s report was in business output, which rose 4.7 percent in the quarter, the bureau said, revising its earlier estimate of 3.7 percent.
Consequently, productivity, defined as output per hour, rose at an annual rate of 3 percent in the quarter, not 1.9 percent as previously estimated.
Hours worked remained unchanged, rising 1.7 percent quarter to quarter.
Economists had expected a productivity increase of 2.8 percent.
The bureau said hourly compensation rose 1.6 percent, a revision from the 1.3 percent rise estimated last month.
With the upward revision to productivity higher than the upward revision to hourly compensation, unit labor costs came to a 1.4 percent decrease in the third quarter, a sharper decline than the 0.6 percent decrease reported a month ago.
The bureau said manufacturing productivity declined 0.1 percent, rather than rose 0.4 percent, as previously reported, reflecting a downward revision to output and an upward revision in hours worked.
Unit labor costs for manufacturing rose 1.3 percent, unchanged from the previous report.