US productivity posts largest gains since 2003

The Bureau of Labor Statistics of the Department of Labor released its second quarter productivity and cost data, showing that American productivity gains have seen their largest increase in six years. Productivity has been measured by output per hour of workers.

The report indicates that the annual rate of productivity change in the second quarter was 6.3 percent in the business sector and 6.4 percent in the nonfarm business sector. Productivity changes for manufacturing in the same quarter were 5.3 percent, while durable goods manufacturing changed by 3.9 percent and nondurable goods manufacturing changed by 2.0 percent.

Productivity gains in all manufacturing sectors were due to hours falling faster than output.

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