Productivity Up 8.1%; Labor Costs Down 2.5%

U.S. nonfarm productivity was revised to an 8.1% annual rate of increase in the third quarter, down from the 9.5% increase initially reported for the quarter in the preliminary report last month, but still the largest productivity increase in six years, the Labor Department said yesterday.

Unit labor costs were revised to a 2.5% annual rate of decline from a 5.2% rate of decline initially reported for the third quarter.

Economists expected productivity to be revised lower to an 8.0% annual rate increase and for unit labor costs to be revised to a 5.5% annual rate decline in the third quarter.

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