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Productivity Up In Third Quarter

Published by on December 5, 2007

The Department of Labor released its revised Third Quarter productivity statistics today.  The statistics show increased productivity in all sectors. The following is from the opening of the report: The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data–as measured by output per hour of all persons–for the third […]

The Department of Labor released its revised Third Quarter productivity statistics today.  The statistics show increased productivity in all sectors.

The following is from the opening of the report:

The Bureau of Labor Statistics of the U.S. Department of Labor today
reported revised productivity data–as measured by output per hour of all
persons–for the third quarter of 2007.  The seasonally adjusted annual rates
of productivity growth in the third quarter were:

                  6.7 percent in the business sector and
                  6.3 percent in the nonfarm business sector.

In both sectors, changes in productivity are higher than the preliminary
estimates published November 7, and represent the largest productivity gains
since the third quarter of 2003.  The upward revisions to productivity
resulted from upward revisions to output–which grew 5.7 percent in both
sectors–and small downward revisions to hours, which fell 1.0 percent in the
business sector and 0.6 percent in the nonfarm business sector in the third
quarter.

In manufacturing, revised productivity increases in the third quarter were:

                  5.0 percent in manufacturing,
                  6.1 percent in durable goods manufacturing, and
                  4.3 percent in nondurable goods manufacturing.

     Productivity growth in the manufacturing sector was revised up,
reflecting a small upward revision to output and a smaller downward revision
to hours (table C).

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