November 7, 2007
Productivity levels surge to 4-year high
By Cory Hopkins
The Bureau of Labor Statistics of the U.S. Deptartment of Labor today reported the highest quarterly preliminary productivity gains since the third quarter of 2003.
Preliminary seasonally-adjusted productivity growth for the third quarter of this year stood at 5.3 percent in the business sector and 4.9 percent in the nonfarm business sector, the largest since 9.1 percent and 10.4 percent gains, respectively, in 2003.
Productivity growth is measured in output per hour of all persons. The gains reflected a 4.3 percent per year growth in output combined with small declines in hours worked, the bureau said.
Productivity increases of 4.6 percent in manufacturing overall, including a 5.7 percent gain in durable goods manufacturing and 4.1 percent gain in nondurable goods manufacturing, were realized during the third quarter of this year. Manufacturing includes roughly 12 percent of U.S. business sector employment, according to the BLS.
Preliminary seasonally-adjusted productivity growth for the third quarter of this year stood at 5.3 percent in the business sector and 4.9 percent in the nonfarm business sector, the largest since 9.1 percent and 10.4 percent gains, respectively, in 2003.
Productivity growth is measured in output per hour of all persons. The gains reflected a 4.3 percent per year growth in output combined with small declines in hours worked, the bureau said.
Productivity increases of 4.6 percent in manufacturing overall, including a 5.7 percent gain in durable goods manufacturing and 4.1 percent gain in nondurable goods manufacturing, were realized during the third quarter of this year. Manufacturing includes roughly 12 percent of U.S. business sector employment, according to the BLS.
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