Business productivity in the US accelerated in the third quarter, rising at a 2.7% rate compared with the 2.2% increase in the second quarter, the Labor Department said today.
This is the biggest rise in productivity since the second quarter of last year. The rise in productivity was stronger than expected.
The acceleration in productivity came as output fell, but hours worked fell even further, leaving output per hour higher in the quarter.
The figures reflect a 1% decline in output, and a 3.6% fall in hours worked. This is the biggest drop in output since the first quarter of 1993, and the steepest decline in hours worked since the first quarter of 1991.
