U.S. third-quarter productivity revised higher; labor costs still elevated

Reuters
·1 min read

WASHINGTON, Dec 7 (Reuters) - U.S. worker productivity rebounded a bit more than initially thought in the third quarter, but the trend remained weak, keeping labor costs elevated.

Nonfarm productivity, which measures hourly output per worker, rose at a 0.8% annualized rate last quarter, the Labor Department said on Wednesday. That was revised up from the 0.3% pace reported last month. Economists polled by Reuters had expected productivity would be revised up to a 0.6% pace.

Productivity fell at a 1.3% rate from a year ago, instead of the previously reported 1.4% pace. Large shifts in the composition of the workforce in the wake of the COVID-19 pandemic have made it harder to measure productivity.

Unit labor costs - the price of labor per single unit of output - increased at a 2.4% rate. They were previously reported to have advanced at a 3.5% pace.

Unit labor costs rose at a 5.3% rate from a year ago instead of the previously reported 6.1% pace. (Reporting by Lucia Mutikani; Editing by Andrea Ricci)

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • What is cloud seeding? How scientists hope to generate rain

    Researchers have spent decades trying to ‘seed’ clouds and force them to generate rain or snow—with varying levels of success. Here’s how it works

  • Judge orders shipping container removed from Surrey property

    A B.C Supreme Court judge has ruled that a shipping container being used to store children's items on a residential property in Surrey, B.C., violates a city zoning bylaw, and must be removed.Praveen Kaur Koonar and Jaswinder Singh Koonar have been in a lengthy dispute with the City of Surrey over the container, which sits on a property Praveen Kaur Koonar owns. The property is zoned for single-family residential use.Justice Geoffrey Gomery's decision, which was handed down in February and poste

  • Trump’s $175m bond in fraud case should be voided, says New York attorney general

    Mr Trump’s bond hefty was posted by California-based Knight Specialty Insurance Company last month

  • Live video of man who set himself on fire outside court proves challenging for news organizations

    NEW YORK (AP) — Video cameras stationed outside the Manhattan courthouse where former President Donald Trump is on trial caught the gruesome scene Friday of a man who lit himself on fire and the aftermath as authorities tried to rescue him. CNN, Fox News Channel and MSNBC were all on the air with reporters talking about the seating of a jury when the incident happened and other news agencies, including The Associated Press, were livestreaming from outside the courthouse. The man, who distributed

  • Tips on how to combat rising grocery prices

    In a report Friday, Procter and Gamble said prices increased an average of 3%, driven by increases outside of the U.S. Here are some tips on how to save money at the grocery store.

  • King's Landing development in Fort Pierce may still happen

    The King's Landing Development in Fort Pierce, lately hanging in the balance, may go through after all.

  • Rockies postpone Friday night’s game against Seattle Mariners due to weather

    The Rockies have postponed Friday night’s game against the Seattle Mariners due to weather, officials said via the social media platform X, formerly Twitter.

  • Jets QB Zach Wilson is skipping offseason workouts while hoping to be traded

    New York Jets quarterback Zach Wilson has skipped the team's offseason workouts as he hopes to be traded to another club. But there has been little interest from other teams thus far.

  • Nova Scotia justice minister steps down after domestic violence comments

    HALIFAX — Nova Scotia Justice Minister Brad Johns has resigned, one day after he made comments downplaying the severity of domestic violence. Premier Tim Houston announced the resignation tonight, saying domestic violence is an issue his government takes very seriously. On Thursday, Johns disputed a public inquiry's finding that domestic violence is an epidemic and said drugs and gun violence are more serious problems. His comments came on the anniversary of the 2020 Nova Scotia mass shooting, w

  • The Iron Claw confirms streaming release date

    The Iron Claw has confirmed its first streaming release date.

  • Tennessee Volkswagen workers vote on union membership in test of UAW's plan to expand its ranks

    CHATTANOOGA, Tenn. (AP) — The United Auto Workers’ ambitious drive to expand its reach to nonunion factories across the South and elsewhere is facing a key test Friday night as workers at a Volkswagen plant in Chattanooga, Tennessee, finish voting on whether to join the union. The UAW’s ranks in the auto industry have dwindled over the years as foreign-based companies with nonunion U.S. plants have sold increasingly more vehicles. Twice in recent years, workers at the Chattanooga plant have reje

  • What is VAR, how does it work and what are the biggest problems?

    VAR continues to be a hot topic in the Premier League week after week, leading to the PGMOL coming under increasing pressure while Uefa’s officials have also been criticised for their handling

  • Skydance expects to more than double its revenue in coming years, WSJ reports

    Skydance expects to make just over $1 billion in revenue in 2024 with Ebitda of $90 million, and in 2025 expects $2.29 billion in revenue and $322 million in Ebitda, the report added, citing people familiar with the matter. Paramount is currently engaged in exclusive deal talks with Skydance Media, an independent studio led by David Ellison, though some investors have urged Paramount to explore other options. Skydance did not immediately respond to a Reuters request for comment.

  • Passengers describe engine trouble on Sacramento-bound Southwest flight

    A Sacramento-bound Southwest Airlines flight was diverted back to the St. Louis airport on Friday. Passengers and Air Traffic Control audio said the plane landed safely after an issue with an engine.

  • Regina health-care workers picket for better pay and working conditions

    Dozens of health-care workers picketed outside of Regina's Pasqua Hospital on Friday to ask the province to address conditions in Saskatchewan's health-care system.The rally, organized by the Canadian Union of Public Employees (CUPE), was the fourth in a series across Saskatchewan, with the other three held in Weyburn, North Battleford and Prince Albert this month. CUPE 5430 president Bashir Jalloh said the union has been at the bargaining table since September 2023 and is frustrated with the pr

  • Sask Rivers board discusses SSBA Spring Assembly

    During their regular meeting on Monday, the Saskatchewan Rivers School Division board of education discussed the Saskatchewan School Boards Association (SSBA) Spring Assembly on April 11-12 in Saskatoon. The theme of the conference was ‘Forward Focus’. "There were lots of different professional development opportunities for the board that took place,” director of education Neil Finch said. According to a school division press release, trustees had the opportunity to gain valuable professional de

  • Ceresco police officer killed in the line of duty laid to rest

    On Friday, his family, friends, and blue family laid fallen Ceresco police officer Ross Bartlett to rest.

  • Cnergenz Berhad (KLSE:CNERGEN) Will Be Hoping To Turn Its Returns On Capital Around

    If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...

  • Olivia, dog seized from Beekmantown rescue A Canine Gem, dies, Elmore SPCA says

    Olivia, dog seized from Beekmantown rescue A Canine Gem, dies, Elmore SPCA says

  • Omaha police remove man for entering Underwood Tower to inspect reports of mold and bed bugs

    Community advocates send air quality consultant into building after KETV investigation.