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Labour productivity up in Q2 2023



“The decline in hours worked is the first decline since the second quarter of 2020 and was the result of a 1.3-percent decline in average weekly hours,” said the BLS.

The labor statistics bureau also revised the business sector productivity in the first quarter of the year to a decrease of 1.2 percent in the first quarter of this year. It earlier reported a decrease of 2.7% for that quarter.

BLS revised the output to an increase of 1.4 percent and hours worked were not revised (an increase of 3.0%).

The increase in productivity in Q2 put an end to five straight quarters of decreased productivity. However, productivity levels remain low when compared to historical data.

“During the current business cycle, starting in the fourth quarter of 2019, labor productivity has grown at an annualized rate of 1.4 percent, as output grew at a 2.0-percent per year rate, outpacing hours worked, which grew at a 0.7-percent annual rate,” said BLS.

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