f
  •  

WASHINGTON (Reuters) - U.S. worker productivity increased faster than initially thought in the second quarter, notching its quickest pace since 1971, but the eye-popping jump likely reflected disruptions caused by the COVID-19 pandemic, which depressed hours.

The Labor Department said nonfarm productivity, which measures hourly output per worker, increased at an 10.1% annualized rate last quarter. That was revised up from the 7.3% pace estimated in August and was the largest rise since the first quarter of 1971.

Productivity fell at a 0.3% rate in the January-March period. Hours worked plunged at a 42.9% rate instead of the 43.0% pace estimated last month. That was the largest drop since the series started in the first-quarter of 1947.

Economists polled by Reuters had forecast productivity would be revised up to a 7.5% rate in the second quarter.

Compared to the second quarter of 2019, productivity rose at a 2.8% rate. Growth in unit labor costs - the price of labor per single unit of output - rose at a downwardly revised 9.0% rate in the April-June quarter. Unit labor costs were previously reported to have jumped at a 12.2% rate.

Unit labor costs increased at a 9.6% rate in the first quarter. They rose at a 4.9% rate in from a year ago.


Other relevant articles 
[2020-09-03 14:45:07] U.S. weekly jobless claims drop more than expected
[2020-09-03 14:40:06] Initial Jobless Claims Fall to 881,000 in Latest Week
[2020-09-03 13:45:07] Struggling airlines lead U.S. planned job cuts in August: report
[2020-09-03 11:20:14] Euro zone July retail sales much worse than expected
[2020-09-03 10:55:06] Britons slowly returning to workplaces, statistics office says
[2020-09-03 10:45:06] UK job losses accelerate in August, PMI shows
[2020-09-03 10:20:26] Euro zone economic recovery loses momentum in August: PMI
[2020-09-03 08:10:06] French economic recovery plan key to averting job losses: PM
[2020-09-03 06:30:09] China’s Services Industry Sees Fourth Consecutive Month of Growth
[2020-09-03 06:30:09] Saudi non-oil private sector deteriorates in August after tax...
[2020-09-03 05:55:21] Analysts upgrade Australia, New Zealand dollars outlook but doubt...
[2020-09-03 01:15:11] More than 10% of British shops vacant, survey shows
[2020-09-02 16:20:07] U.S. factory orders rise more than expected in July
[2020-09-02 14:40:07] U.S. private payrolls increase modestly in August-ADP
[2020-09-02 14:20:07] ADP: U.S. Added Only 428k Private Sector Jobs in August, vs 950k Expected
[2020-09-02 08:55:06] Weak German retail sales dash hopes for strong recovery
[2020-09-02 01:25:14] UK retailers step up their discounting in August, BRC says
[2020-09-01 20:40:04] U.S. employment projected to increase 6 million from 2019 to...
[2020-09-01 18:30:08] U.S. manufacturing activity at nearly two-year high; new orders...
[2020-09-01 16:25:03] U.S. construction spending almost flat in July: Commerce Department
[2020-09-01 16:15:03] U.S. manufacturing activity at 19-month high in August
[2020-09-01 15:55:03] Canadian factory sector growth jumps to two-year high in August
[2020-09-01 12:15:03] CEE manufacturing recovery marches on but signs of slowing
[2020-09-01 11:00:05] UK mortgage approvals jump as housing market bounces back
[2020-09-01 10:45:03] UK factories see big upturn in August, but from low ebb: PMI
[2020-09-01 10:40:02] Germany revises upward 2020 GDP forecast, sees weaker rebound in...
[2020-09-01 10:25:02] Euro zone factory output stayed strong in August: PMI
[2020-09-01 10:20:03] German manufacturing recovery remains on track in August: PMI
[2020-09-01 10:05:02] Spanish prime minister moderately optimistic about economic...
[2020-09-01 07:25:06] Chinese Factory Activity Bolstered Over 2020’s First New Export...
[2020-09-01 01:10:30] South Korea revised second-quarter GDP down 3.2%, ticks up from advanced estimates
[2020-08-31 07:25:25] Number of German companies with short-time work declines in...
[2020-08-31 02:10:22] Japan July industrial output rises 8.0% month-on-month
[2020-08-28 17:55:11] China revises list of technologies banned, restricted for export
[2020-08-28 14:50:11] U.S. consumer spending beats expectations in July
[2020-08-28 14:45:11] Exclusive: Germany seen revising upward its 2020 GDP forecast,...
[2020-08-28 13:30:11] Banks eye layoffs as short-term crisis ends, long-term costs emerge
[2020-08-28 11:10:20] Euro zone sentiment recovers for fourth straight month in August
[2020-08-28 09:15:10] French savings surged, profits plunge in record second-quarter...
[2020-08-28 01:15:11] UK business confidence rises from lows, job cuts on the way:...
[2020-08-27 20:25:07] U.S. Labor Department changes jobless claims data methodology...
[2020-08-27 16:10:11] U.S. pending home sales rise for third straight month in
[2020-08-27 14:45:07] U.S. weekly jobless claims drift around 1 million
[2020-08-27 14:40:07] Initial Jobless Claims 1.006 Million; Second Reading of GDP -31.7%
[2020-08-27 04:05:17] Australia second-quarter business investment contracts by most in...
[2020-08-26 16:15:07] White House says Trump could act unilaterally to avoid U.S....
[2020-08-26 16:00:08] U.S. core capital goods orders rise but remain below February...
[2020-08-26 09:15:06] French consumer confidence holds steady in August
[2020-08-25 16:20:03] U.S. consumer confidence unexpectedly falls in August
[2020-08-25 16:20:03] U.S. new home sales beat expectations in July
[2020-08-25 14:35:03] Indian government consumption key to growth in economy amid...
[2020-08-25 12:20:03] UK retailers cut jobs by most since 2009, CBI says
[2020-08-25 08:25:02] German economy shrank by record 9.7% quarter-on-quarter in second...
[2020-08-25 05:45:47] Australian employment falls further, intensifying labor market...
[2020-08-25 01:20:25] CEOs speed up digital push and downsize offices, KPMG survey shows
[2020-08-24 08:15:23] Safe bet? Sovereign funds rethink once-reliable real estate
[2020-08-24 00:30:22] Mexico has won back nearly 67,000 jobs in August, president says
[2020-08-22 13:05:14] More than half of Spanish companies reopen after closing at...
[2020-08-22 03:15:14] Erdogan announces biggest Turkish gas find in Black Sea
[2020-08-21 23:50:12] Mexico inflation seen ticking up to 14-month high in early August
[2020-08-21 21:45:12] Colombia unveils plan to boost foreign investment, multinational...
[2020-08-21 21:40:11] Brazil posts biggest formal job gain for July since 2012
[2020-08-21 16:15:11] U.S. existing home sales shoot to near 14-year high in July
[2020-08-21 16:10:16] U.S. business activity surges to early 2019 levels: Markit flash...
[2020-08-21 10:50:11] UK firms see sharp August upturn but job cuts mount, PMI shows
[2020-08-21 10:15:10] Euro zone business recovery stuttered in August: PMIs
[2020-08-21 09:45:11] German recovery losing some momentum as services struggle in...
[2020-08-21 09:40:10] French business activity weaker than expected in August: PMI
[2020-08-21 08:20:13] UK retail sales rise above pre-pandemic levels
[2020-08-21 01:20:10] Britons a bit more upbeat on finances but worried about economy,...
[2020-08-20 14:50:07] U.S. weekly jobless claims back over one million
[2020-08-20 14:40:07] Initial Jobless Claims Unexpectedly Rise to 1.106 Million
[2020-08-20 11:00:10] UK online job adverts slip back, ONS says
[2020-08-19 14:45:07] TJX posts bigger-than-expected quarterly loss on store closures
[2020-08-19 08:40:07] UK inflation jumps unexpectedly in July
[2020-08-19 08:05:07] Taiwan to further free up economy, aiming to become Asian...
[2020-08-18 22:55:05] New York transit agency turns to Fed for $450 million borrowing
[2020-08-18 20:35:28] New Canadian Finance Minister Freeland earned spurs in trade...
[2020-08-18 17:05:04] U.S. housing starts surge in July in rare pandemic bright spot
[2020-08-18 13:50:08] Norway wealth fund sees turbulent times ahead on financial...
[2020-08-18 10:10:03] German engineering exports plunge in second-quarter as pandemic...
[2020-08-18 07:00:08] Indonesia posts biggest trade surplus in 9 years in July
[2020-08-18 06:05:11] Taiwan July export orders likely to rise for fifth straight...
[2020-08-17 22:00:27] Trump vows create tax credits for firms that bring jobs back from...
[2020-08-17 17:05:22] U.S. homebuilder confidence matches record high
[2020-08-17 11:10:21] UK household finances take new turn for the worse: survey
[2020-08-17 05:05:21] Thai second-quarter GDP shrinks 12.2% year-on-year, weakest in 22 years
[2020-08-14 16:40:24] U.S. business inventories decline further in June
[2020-08-14 15:35:10] U.S. manufacturing production rises more than expected in July
[2020-08-14 15:10:16] U.S. first-quarter productivity rises at its fastest pace in 11...
[2020-08-14 14:50:11] U.S. retail sales rise less than expected in July
[2020-08-14 14:40:11] U.S. Retail Sales Rebound Flattened in July; Sales up 1.2% vs...
[2020-08-14 11:20:20] Euro zone trade surplus surges as imports drop, employment in...
[2020-08-14 11:10:11] Hong Kong second-quarter GDP shrinks 9% year-on-year, full-year...
[2020-08-14 10:30:11] German economy will grow strongly in third-quarter but full...
[2020-08-14 09:30:11] Thai second-quarter GDP to post record contraction, slow recovery...
[2020-08-14 08:10:28] Japan exports to post double-digit fall again, machinery orders...
[2020-08-14 08:00:15] Chinese Data withs Factory Casts Doubt on Economic Recovery
[2020-08-14 06:35:14] China produces record crude steel in July on strong demand
[2020-08-14 04:35:10] China Jan-July property investment rises 3.4% year-on-year, picks...