U.S. Nonfarm business labor productivity witnessed a growth of 3.0 percent in the third quarter, press statement from Bureau of Labor Statistics revealed Wednesday.
While output expanded 4.1 percent, hours worked rose 1.1 percent during the same period. The productivity expansion was the biggest after the third quarter of 2014. During that period, output per hour recorded a growth of 4.4 percent.
Between the third quarter of 2016 and the third quarter of the current calendar year, productivity grew 1.5 percent. This reflected a 3.0 percent expansion in output and a 1.5 percent growth in worked hours.
The release pointed out that unit labor costs fell 0.2 percent in the nonfarm business sector in the third quarter citing that the productivity increase was higher than the hourly compensation increase. Unit labor expenses fell 0.7 percent in the last four quarters.
“Manufacturing sector labor productivity fell 4.4 percent in the third quarter of 2017, as output decreased 1.1 percent and hours worked increased 3.5 percent. This was the largest quarterly decline in manufacturing sector productivity since the fourth quarter of 2008 (-5.4 percent). Productivity decreased 4.7 percent in the durable goods manufacturing sector and 4.4 percent in the non-durable goods sector in the third quarter of 2017,” the statement added.