Third Quarter Productivity Rose 3.0%
Washington, DC, December 6, 2017-Nonfarm business sector labor productivity increased 3.0% during the third quarter of 2017, the U.S. Bureau of Labor Statistics reported, as output increased 4.1% and hours worked increased 1.1%.
The productivity increase was the largest since the third quarter of 2014, when output per hour increased 4.4%.
From the third quarter of 2016 to the third quarter of 2017, productivity increased 1.5%, reflecting a 3.0% increase in output and a 1.5% increase in hours worked.
Unit labor costs in the nonfarm business sector declined 0.2% in the third quarter of 2017, as the 3.0% increase in productivity was greater than a 2.7% increase in hourly compensation.
Unit labor costs decreased 0.7% over the last four quarters.