US nonfarm productivity rises 2.3% in Q2, beating estimates

By Ovunc Kutlu

ISTANBUL (AA) - US nonfarm business sector labor productivity rose 2.3% in the second quarter, beating estimates, according to 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 1.7%, according to market estimates.

It showed an increase of 0.4% in the first quarter.

Unit labor costs in the nonfarm business sector increased 0.9% in the second quarter, compared to the previous quarter. That reflected a 3.3% increase in hourly compensation and a 2.3% gain in productivity.

While the expectation was to show a gain of 1.8%, unit labor costs increased 3.8% in the first quarter.