Business Productivity Surges in Third Quarter

Washington, DC, Nov. 3, 2011 -- Business productivity surged 3.1% in the third quarter, according to the Labor Department.

Economists had expected productivity to increase by 3.7% in the third quarter.

During the quarter, the quantity of goods and services produced increased at an annual rate of 3.8%, the fastest pace since the second quarter of 2010.

Hours worked, however, rose a much smaller 0.6%, which led to a decrease in unit-labor costs of 2.4%.

Second quarter productivity was revised up to show a 0.1% decline compared to a previously stated 0.7% decrease.