Economic Buzz: US Labor Productivity Slumps In Q2 By 4.1%

2 Sep 2022 , 09:28 AM

Labor productivity in the US tumbled by less than previously estimated in the second quarter, according to the data released by Labor Department. The labor productivity dove 4.1 percent in the second quarter compared to the previously reported 4.6 percent plunge. The revision to productivity, a measure of output per hour, came as the decline in productivity was revised to 1.4 percent from 2.1 percent, while the jump in hours worked was revised to 2.7 percent from 2.6 percent. The report showed the surge in labor costs in the second quarter was downwardly revised to 10.2 percent from 10.8 percent. Powered by Commodity Insights