WASHINGTON — Second quarter nonfarm productivity was unrevised from the 2.9% rate reported in the preliminary estimate, reflecting slight upward adjustments to both output and hours worked.
Analysts had expected a small upward revision to productivity to 3.0%.
As a result, unit labor costs were revised down to a 1.0% pace of decline from the 0.9% decline reported in the preliminary estimate.
There were no revisions to the rates of productivity and unit labor cost growth in the first quarter.
On a year/year basis, productivity rose 1.3% in the second quarter after a 1.0% rise in the first quarter. Unit labor costs were up 1.9% year/year after a 2.0% rise in the previous quarter.
