WASHINGTON – Second quarter nonfarm productivity was revised up to a 1.5% rate of growth from a 0.9% gain previously reported, while unit labor costs were revised down to a 0.2% pace of growth from the 0.6% rise in the preliminary estimate.
In addition, first quarter unit labor cost growth was revised down to a 4.8% rate of growth from the 5.4% gain previously reported. Productivity was unrevised in the first quarter, remaining at a 0.1% gain.
Second quarter output growth was revised up to a 4.0% pace from the 3.4% preliminary estimate, while hours worked growth was unrevised at a 2.5% rate.
Even after the revision, second quarter unit labor costs remain 0.2% below their year ago levels after a 0.7% year/year gain in the first quarter.
The year/year pace of productivity growth was revised up to a 1.3% rate from 1.2% pace in the preliminary estimate. Productivity was up 1.2% year/year in the first quarter.
