Research >> Economics
4Q Productivity Growth was 3.1%
The Bureau of Labor Statistics of the U.S. Department of Labor today reported preliminary productivity data--as measured by output per hour of all persons--for the fourth quarter and for the full year 2008. The seasonally adjusted annual rates of productivity change in the fourth quarter were 3.1 percent in the business sector and 1.3 percent in the nonfarm business sector and the annual average changes were 2.7 percent in the business sector and 2.8 percent in the nonfarm business sector.
In the fourth quarter of 2008, productivity increased 3.1 percent in the business sector, with output and hours decreasing 5.2 percent and 8.1 percent, respectively. Output per hour for the nonfarm business sector rose 3.2 percent as output declined 5.5 percent and hours fell 8.4 percent. For the full year 2008 productivity rose 2.7 percent in the business sector and 2.8 percent in the nonfarm business sector.
Posted: February 5, 2009 Thursday 08:30 AM