Here are four things to know according to the U.S. Department of Labor.
1. Employee output per hour increased at a 3.1 percent annualized rate. The Department revised the rate drop in the quarter to 0.2 percent.
2. Economists’ estimates for Q3 productivity ranged from a 0 to 3.1 percent gain. The Department initially measured a productivity decline of 0.6 percent in Q2.
3. During the last five years, annual productivity gains averaged 0.6 percent, the weakest since 1978-82, according to Bloomberg.
4. “We had a very solid quarter for growth and for productivity,” Tom Simons, a senior economist at Jefferies, told Bloomberg. “But it doesn’t do anything to change the long-term decline in productivity.”
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