WASHINGTON - U.S. nonfarm productivity decreased by 1.8% in revised second quarter figures released this morning by the Labor Department, a much greater drop than the 0.9% decline reported in the preliminary reading last month.
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Unit labor costs increased 1.1% for the quarter ending June 30, also much higher than the 0.2% rise reported in the preliminary data last month.
Economists expected productivity to decrease 0.9% for the quarter and for unit labor costs to increase 1.5%, according to the median estimate from Thomson Reuters.
Productivity for the first quarter ending March 31 was unrevised at a 3.9% increase while unit labor costs fell a revised 4.6% in the first quarter, revised lower from the 3.7% decline reported last month.
