By Ovunc Kutlu
ISTANBUL (AA) - US nonfarm business sector labor productivity jumped 3.7% in the second quarter, rising higher than estimates, according to the Bureau of Labor Statistics figures that were released Thursday.
The figure, which measures the change in labor efficiency when producing goods and services, was expected to show a quarterly gain of 2%, according to estimates.
The increase in the first quarter was revised to show a decline of 1.2%, from a 2.7% decrease.
Annually, the nonfarm business sector labor productivity increased 1.3% in the second quarter, compared to the same period last year.
Unit labor costs in the nonfarm business sector increased 1.6% in the second quarter, compared to the previous quarter. This reflected a 5.5% increase in hourly compensation and a 3.7% gain in productivity, said the agency.
While the expectation was to show a gain of 2.6%, unit labor costs increased 3.3% in the first quarter.