WASHINGTON – Nonfarm productivity fell by 0.6% in the preliminary estimate for the first quarter, compared with a 0.2% decline expected.
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Output growth slowed to 1.0% from 2.7% in the previous quarter, while hours worked growth accelerated to 1.6% from 1.0%. Unit labor costs accelerated to a 3.0% pace of growth in the first quarter from 1.3% in the fourth quarter.
Productivity was up 1.1% on a year/year basis, the same as in the fourth quarter. Unit labor costs are now up 2.8% year/year following a 1.9% year/year gain in the fourth quarter.
