US productivity grows quicker than expected in Q2, limiting labour cost increases
By Alexander Bueso
Date: Thursday 03 Aug 2023
(Sharecast News) - Faster-than-expected labour productivity in the U.S. over the three months to June, helped limit labour cost pressures.
According to the U.S. Department of Labor, in seasonally adjusted terms labour productivity grew at a quarterly annualised pace of 3.7% during the second quarter and unit labour costs by 1.6%.
Nominal hourly compensation meanwhile increased by 5.5%.
That was better than economists' forecasts for increases of 1.5% and 2.6%.
Versus a year ago, productivity was ahead by 1.3% and unit labour costs by 2.4%.
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