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US productivity beats forecasts US productivity beats forecasts
(10 minutes later)
US workers were more productive than many analysts had forecast during the first three months of the year, figures from the Labor Department have shown.US workers were more productive than many analysts had forecast during the first three months of the year, figures from the Labor Department have shown.
Productivity, or the total output per hour of work, rose at an annual rate of 2.2% in the first quarter, the Labor Department said. Productivity, or the total output per hour of work, rose at an annual rate of 2.2% in the quarter, the report said.
Analysts had expected an increase of closer to 1.5%, and said the increase came as firms cut back on worker hours. Analysts had expected an increase of closer to 1.5%, and said the gains came as firms cut back on worker hours.
The cost of labour rose by 2.2%, slower than in the previous three months. At the same time, the cost of labour rose by 2.2%, slower than the previous three months.
"If production is rising and employment falling then productivity has to rise," said Tom Sowanick, of Clearbrook Financial.
"It is the only silver lining in what otherwise is a dark inflation cloud."