WASHINGTON (AP) — U.S. productivity this summer grew at a faster rate than first thought, though it still lagged the pace set in the spring. Labor costs were also revised up, but the modest upward pace does not raise concerns about inflation.
The Labor Department says productivity rose at an annual rate of 2.2 percent in the July-September quarter. That was up from an initial estimate of 1.6 percent but still below the 3.5 percent gain in the second quarter.
Labor costs rose at a 1.8 percent rate, up slightly from the previous 1.4 percent estimate. They advanced 2 percent in the spring.
Productivity, the amount of output per hour of work, has slowed considerably in recent years. It is considered the key factor in boosting living standards.
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