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| Version 1 | Version 2 |
|---|---|
| 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 quarter, the report 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 gains 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. |
| At the same time, the cost of labour rose by 2.2%, slower than the increase in the previous three months. | |
| 'Positive' | |
| "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." | "It is the only silver lining in what otherwise is a dark inflation cloud." |
| Doug Roberts, chief investment strategist at Channel Capital Research, said the latest productivity figures were "positive on the inflation front". | |
| "It gives [the Federal Reserve] a little bit more leeway and actually bodes well for the future core inflation numbers." |