US Productivity Rebounds in Q3

U.S. worker productivity rebounded sharply in the third quarter as initially estimated, marking its quickest pace of growth in two years, but the trend remained weak.

The Labor Department said on Tuesday that nonfarm productivity, which measures hourly output per worker, rose at an unrevised 3.1 percent annual rate.

The increase ended three straight quarters of decline. Productivity fell at a 0.2 percent rate in the second quarter and was unchanged compared to the third quarter of 2015.

Economists had expected that productivity would revised up to a 3.3 percent rate in the third quarter. That expectation was based on data last week showing gross domestic product increased faster than previously reported in the third quarter.

The government revised GDP data to show the economy growing at a 3.2 percent pace in the third quarter instead of the 2.9 percent rate it had previously reported.

via CNBC

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