U.S. worker productivity rises in 3rd Quarter

09.12.2020 - Davydova Maria
U.S. worker productivity rises in 3rd Quarter

The US worker productivity rose in the third quarter, outpacing employment gains. Nonfarm productivity, which measures hourly output per worker, surged by 4.6% annualized rate last quarter, the Labor Department reported on Tuesday.

Moreover, the minimal descending revision from the 4.9% pace predicted last month preceded a 10.6% growth rate in the second quarter, the fastest growth pace recorded since the first quarter of 1971.

In a Reuters poll, economists had predicted productivity growth would be unrevised at a 4.9% rate in the third quarter. The COVID-19 recession has destroyed lower-wage industries, including leisure and hospitality, which economists say tend to be less productive.

Productivity increased at a 4.0% rate, if it’s on a year-on-year basis, looking at the third quarter of 2019, instead of the 4.1% pace reported last month.

U.S. financial markets were unfazed by the figures.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?