WASHINGTON — Third quarter nonfarm productivity was unrevised at 3.0% and below the 3.3% gain expected, while unit labor costs were revised sharply to a 0.2% decline, well below the 0.5% rise previously reported and below the 0.2% rise expected, data released by the Bureau of Labor Statistics Wednesday showed.
In addition, second quarter unit labor cost growth was revised sharply lower to a 1.2% rate of decline from the 0.3% gain previously reported. Productivity was unrevised at a 1.5% rate of growth in the second quarter.
Third quarter output growth was revised up to a 4.1% pace from the 3.8% preliminary estimate, while hours worked growth was revised up to a 1.1% pace from the 0.8% rate in the preliminary estimate.
Compensation growth was revised down to a 2.7% growth pace from a 3.5% rise, while real compensation was revised down to a 0.7% rate of growth.
The year/year pace of productivity growth was unrevised at 1.5% from the preliminary estimate.
Unit labor costs are down 0.7% from where they were a year ago, a downward revision from the flat year/year estimate in the preliminary report due to the downward revisions in the second and third quarter. Unit labor costs were down 0.6% year/year in the second quarter, so there was a deceleration in the most recent quarter.
