US labor productivity picks up in the third quarter
US non-farm labour productivity picked up in the third quarter as output picked up much more rapidly than the number of hours worked.
According to the Department of Labor, workers' productivity increased by 3.0% quarter-on-quarter and in annualised terms, alongside a 3.8% increase in output while the number of hours worked rose by just 0.8%.
In parallel, hourly compensation was up by 3.5%, such that the rise in unit labour costs was limited to 0.5%.
Versus the same period one year ago, labour productivity was ahead by 1.5% but unit labour costs were 0.1% lower.