WASHINGTON – Third quarter nonfarm productivity was unrevised from the preliminary estimate at 3.1%, with output growth and hours worked growth both revised modestly higher.
Productivity was also unrevised in the second quarter at a 0.2% decline.
Unit labor costs were revised up to a 0.7% rate of growth in the third quarter from the 0.3% gain in the preliminary estimate, with compensation growth stronger. There was a large upward revision to second quarter labor costs, which now show a 6.2% gain compared with the 3.9% rise posted most recently.
The year/year pace of productivity growth was unrevised at flat following a 0.3% decline in the second quarter, while the y/y pace for unit labor costs was revised up to 3.0% increase from the 2.3% y/y increase in the preliminary estimate.
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