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.

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