Labor Productivity Rose 4.7% in Q3
Washington, DC, November 2, 2023-Nonfarm business sector labor productivity increased 4.7% in Q3 2023, the U.S. Bureau of Labor Statistics reported, as output increased 5.9% and hours worked increased 1.1%.
The increase in labor productivity is the highest rate since Q3 2020, in which productivity increased 5.7%. From the same quarter a year ago, nonfarm business sector labor productivity increased 2.2% in Q3 2023.