US labor productivity growth slows to 2.3% in Q2

ANKARA

Nonfarm business sector labor productivity in the US rose at an annual rate of 2.3% in the second quarter, down from the first quarter, the Labor Department said in a statement on Tuesday.

Markets had expected an increase of 3.5%, but the figures showed growth slowing even further from earlier in the year.

Labor productivity in the first quarter was also revised down to 4.3%, from the previous rate of 5.4% announced in June by the Labor Department's Bureau of Labor Statistics.

In a bright spot, while manufacturing sector labor productivity climbed 6.9% in the second quarter, its first-quarter decline was revised upwards to minus 1.3%, from minus 1.7%.

Nonfarm productivity measures the annualized change in labor efficiency when producing goods and services, which excludes the farming industry.

ANKARA

Nonfarm business sector labor productivity in the US rose at an annual rate of 2.3% in the second quarter, down from the first quarter, the Labor Department said in a statement on Tuesday.

Markets had expected an increase of 3.5%, but the figures showed growth slowing even further from earlier in the year.

Labor productivity in the first quarter was also revised down to 4.3%, from the previous rate of 5.4% announced in June by the Labor Department's Bureau of Labor Statistics.

In a bright spot, while manufacturing sector labor productivity climbed 6.9% in the second quarter, its first-quarter decline was revised upwards to minus 1.3%, from minus 1.7%.

Nonfarm productivity measures the annualized change in labor efficiency when producing goods and services, which excludes the farming industry.