US Productivity Increases at Rapid Pace, Cementing 2023 Rebound
- Output per hour climbed at 3.2% annual rate in fourth quarter
- Year-over-year increase of 2.7% outpaces 25-year average
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US labor productivity advanced at a rapid pace in the fourth quarter, wrapping up a year of improving efficiency gains that helped fuel economic growth as inflation receded.
Productivity, or nonfarm employee output per hour, rose at a 3.2% annualized rate after surging a revised 4.9% in the prior period, data from the Bureau of Labor Statistics showed Thursday.