U.S. nonfarm productivity increased 2.8% in the first quarter, revised lower from the 3.6% gain reported in the preliminary estimate released in May, as output declined and hours worked increased from their initial estimates, the Labor Department reported today.
Unit labor costs fell 1.3% for the quarter, a smaller decline than the 1.6% drop reported in the preliminary estimate.
Economists expected productivity to be revised to a 3.4% gain and for unit labor costs to be revised to a 1.4% drop.