US Productivity Picks Up While Labor Cost Growth Moderates
- Productivity in second quarter rose by more than forecast
- Unit labor costs had smallest annual gain since before Covid
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US worker productivity increased in the second quarter by more than forecast, helping temper growth in labor costs and adding to evidence of diminishing inflationary pressures.
Productivity, or nonfarm business employee output per hour, rose at a 2.3% annualized rate in the April-to-June period after rising only slightly during the first three months of the year, data from the Bureau of Labor Statistics showed Thursday.