Productivity Improves Sharply in 3Q2011 to 3.1%

November 3rd, 2011
in econ_news

Econintersect: From the viewpoint of global competitiveness, productivity improved a very strong 3.1% and unit labor costs fell 2.4% in the third quarter of 2011 (quarter-over-quarter improvement).

Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked of all persons, including employees, proprietors, and unpaid family workers.

The unit labor cost results from the 3.1% increase in output per hour outpacing a 0.6% rise in hourly compensation.

Follow up:

Rising productivity is bad news when considering goods and services can be provided using fewer people - in a time when unemployment rates are high.

source: BLS


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