Labor productivity increased at a 9.5 percent annual rate during the third quarter, according to the U.S. Bureau of Labor Statistics.
The increase was the largest since the third quarter of 2003, when it rose by 9.7 percent. Labor productivity, or output per hour, is calculated by dividing an index of output by an index of hours of all persons, including employees, proprietors and unpaid family workers.
Output increased 4 percent and hours worked decreased 5 percent in the third quarter.
