WASHINGTON — Third quarter nonfarm productivity was revised up to a 2.3% gain in the final estimate from the 2.2% rate reported in the preliminary estimate despite no revisions to output and hours worked in the third quarter.
Analysts had expected no revision to productivity. As a result, unit labor costs were revised down to a 0.9% pace from the 1.2% increase reported in the preliminary estimate.
There was no revisions to the rate of productivity in the second quarter but unit labor costs were revised down.
On a year/year basis, productivity rose 1.3% in the third quarter after a 1.3% rise in the second quarter. Unit labor costs were up 0.9% year/year after a 1.4% rise in the previous quarter.
