US nonfarm productivity revised up to 2.5% from 2.3% for Q2

By Ovunc Kutlu

ISTANBUL (AA) - US nonfarm business sector labor productivity was revised up to 2.5% from 2.3% for the second quarter of this year, a Bureau of Labor Statistics report said Thursday.

The figure, which measures the change in labor efficiency when producing goods and services, showed an increase of 2.7% in the second quarter of 2023.

Manufacturing sector productivity, on the other hand, was revised down to an increase of 1.3%, from a previously reported gain of 1.8%, the report said.

This reflects a 1.0-percentage point downward revision to output and a 0.5-percentage point downward revision to hours worked, it added.

Unit labor costs in the nonfarm business sector, meanwhile, increased 0.4% in the second quarter, rather than increasing 0.9% as previously reported.

That reflects a 0.3-percentage point downward revision to hourly compensation, but a 0.2-percentage point upward revision to productivity, according to the report.