Washington, Sep 2 (IANS) US labor productivity growth was revised up in the second quarter of this year, reflecting a rebound in the economic growth in the quarter.
The Labor Department said on Wednesday that nonfarm business sector labor productivity increased at a 3.3 percent annual rate during April-June, compared to the previous estimate of 1.3 percent increase. On a year-on-year basis, the productivity rose 0. 7 percent, Xinhua reported.
The growth in productivity reflected an increase of 4.7 percent in output and an increase of 1.4 percent in hours worked in that period, the department said in a report.
The US Commerce Department recently revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, higher than an advance estimate of 2.3 percent. The revised-up figure beat market expectations that growth should have bounced back only mildly from a meager growth in the chilly spring.