U.S. nonfarm unit productivity was revised up to a 1.6% annual rate in the first quarter, while unit labor costs were revised down slightly to a 3.0% rate, the Bureau of Labor Statistics reported yesterday.
Productivity was initially reported as up 0.8%, while unit labor costs were originally reported as up 3.3% in the quarter.
The revision to productivity was solely due to the expected upward adjustment to output growth — down 7.6% versus the 8.8% decline initially reported.
—Market News International