Labor Productivity Fell to 40-Year Low in Q3
Washington, DC, November 4, 2021-Nonfarm business sector labor productivity decreased 5.0% in Q3 2021, the U.S. Bureau of Labor Statistics reported, as output increased 1.7% and hours worked increased 7.0%.
This is the lowest rate of quarterly productivity growth since Q2 1981, when the measure decreased 5.1%.
From Q3 2020 to Q3 2021, nonfarm business sector labor productivity decreased 0.5%. The four-quarter rate is the lowest rate since Q3 2011, when the measure also declined 0.5%.