Q3 Productivity Down 5.2%, Largest Decline in 61 Years
Washington, DC, December 7, 2021-Nonfarm business sector labor productivity decreased 5.2% in Q3 2021, the U.S. Bureau of Labor Statistics reported, as output increased 1.8% and hours worked increased 7.4%.
This is the largest decline in quarterly productivity since Q2 1960, when the measure decreased 6.1%.
From Q3 2020 to Q3 2021, nonfarm business sector labor productivity decreased 0.6%. This four-quarter rate is the largest decline since Q4 1993, when the measure also declined 0.6%.