US nonfarm productivity jumps 4.7% in Q3, beating estimates

By Ovunc Kutlu

ISTANBUL (AA) - US nonfarm business sector labor productivity jumped 4.7% in the third quarter, higher than estimates, according to the Bureau of Labor Statistics figures released Thursday.

The figure, which measures the change in labor efficiency when producing goods and services, was expected to show a quarterly gain of 4.1%, according to estimates.

The increase in the second quarter was revised down 0.1 percentage points to 3.6% from 3.7%.

Nonfarm business sector labor productivity increased 2.2% in the third quarter, compared to the same period last year.

Unit labor costs in the nonfarm business sector decreased 0.8% in the third quarter, compared to the previous quarter. This reflected a 3.9% increase in hourly compensation and a 4.7% gain in productivity, said the agency.

While the expectation was to show a gain of 0.7%, unit labor costs increased 3.2% in the second quarter.