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US sees strong productivity rise | US sees strong productivity rise |
(about 1 hour later) | |
US productivity rose at its fastest annual pace for nearly six years in the second quarter of 2009, figures from the Department of Labor show. | |
Productivity, measuring workers' hourly output, rose at an annual rate of 6.4% in the second quarter. | Productivity, measuring workers' hourly output, rose at an annual rate of 6.4% in the second quarter. |
However, the figure for the first quarter of 2009 was revised downwards, to an increase of 0.3% from an initial estimate of 1.6% growth. | However, the figure for the first quarter of 2009 was revised downwards, to an increase of 0.3% from an initial estimate of 1.6% growth. |
Labour costs fell 5.8% on an annual basis during the same period. | |
The annual pace of productivity gains in the second quarter of this year was the highest since the third quarter of 2003. | The annual pace of productivity gains in the second quarter of this year was the highest since the third quarter of 2003. |
The fall in labour costs was the most since 2000. It came after the previous quarter's labour costs fell 2.7%. | The fall in labour costs was the most since 2000. It came after the previous quarter's labour costs fell 2.7%. |
Firms have been reducing jobs and hours to save costs as demand for their goods has slowed. | Firms have been reducing jobs and hours to save costs as demand for their goods has slowed. |
The number of hours worked declined at an annual rate of 7.6% in the second quarter, reflecting the rise in unemployment. | |
While many analysts believe the recession is not yet over, they also argue that the economy is through the worst. | |
"It's good because it helps keep inflation low; labour costs are pretty benign," said Scott Brown, chief economist at Raymond James & Associates. | |
"On the other hand it means you can do more with fewer people," he added. |
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