US nonfarm productivity rises 0.8% in Q3, above preliminary estimate

By Ovunc Kutlu

ANKARA (AA) - US nonfarm business sector labor productivity increased 0.8% in the third quarter, well above the preliminary estimate of 0.3% made last month, the Bureau of Labor Statistics said Wednesday.

The figure, which measures the change in labor efficiency when producing goods and services, was expected to show a quarterly gain of 0.6%.

But nonfarm business sector labor productivity fell 1.3% in the third quarter compared to the same period last year.

Unit labor costs in the nonfarm business sector increased 2.4% in the third quarter from the previous quarter, according to the Bureau of Labor Statistics.

The figure, which is the ratio of hourly compensation to labor productivity, rose 5.3% year-on-year.

While output increased 3.3% in the third quarter, from the previous quarter, hours worked rose 2.5%.

Manufacturing sector labor productivity, on the other hand, fell 2.9% on a quarterly basis and declined 1.1% annually.