US labor productivity declines most since 1981

By Ovunc Kutlu

ANKARA (AA) - Labor productivity decreased 5% in the US during the third quarter, the Labor Department said Thursday.

It marked the largest decline in quarterly productivity since the second quarter of 1981 when the figure decreased 5.1%.

While the market expected the figure to show a decline of 3%, its second quarter increase was revised up to 2.4%, from 2.1%.

"From the third quarter of 2020 to the third quarter of 2021, non-farm business sector labor productivity decreased 0.5%. The four-quarter rate is the lowest rate since the third quarter of 2011, when the measure also declined 0.5%," said a statement.

Non-farm productivity measures the annual change in labor efficiency when producing goods and services.