U.S. Labor Productivity Dips By Revised 0.2% In Q3

Revised data released by the Labor Department on Tuesday showed U.S. labor productivity dipped by slightly less than originally estimated in the third quarter.

The report said labor productivity edged down by 0.2 percent in the third quarter compared to the previously reported 0.3 percent drop. Economists had expected the decrease in productivity to be revised to just 0.1 percent.

The modest decrease in productivity in the third quarter compares to the 2.5 percent jump in productivity seen in the second quarter.

Meanwhile, the Labor Department said unit labor costs surged up by a revised 2.5 percent in the third quarter compared to the previously reported 3.6 percent spike. Labor cost growth has been expected to be revised to 3.3 percent.

The report also showed the previously reported 2.4 percent jump in labor costs in the second quarter was downwardly revised to just 0.1 percent.

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