Research >> Economics
2Q2014 Productivity Growth Increased 2.5%
Nonfarm business sector labor productivity increased at a 2.5 percent annual rate during the second quarter of 2014, the U.S. Bureau of Labor Statistics reported today, as hours increased 2.7 percent and output increased 5.2 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the second quarter of 2013 to the second quarter of 2014, productivity increased 1.2 percent as output and hours worked rose 3.2 percent and 2.0 percent, respectively.
Labor productivity, or output per hour, is calculated by dividing an index of real output by an index of hours worked of all persons, including employees, proprietors, and unpaid family workers.
In the first quarter of 2014, nonfarm business productivity decreased 4.5 percent--rather than falling 3.2 percent as reported June 4--reflecting a downward revision to output which was larger than a small downward revision to hours.
Posted: August 8, 2014 Friday 08:30 AM