U.S. Q2 productivity raised, wage inflation muted |
| Reuters - Sep 5, 2012 |
U.S. nonfarm productivity increased at a much faster clip than previously thought in the second quarter as businesses squeezed more output from employees, while wage inflation was muted.
Productivity increased at a 2.2 percent annual rate rather than 1.6 percent, the Labor Department said on Wednesday. Productivity, which measures hourly output per worker, fell at a 0.5 percent rate in the first three months of 2012.
Economists had expected second-quarter productivity would be raised to a 1.8 percent rate. The revision reflects an upward adjustment to the country's second-quarter economic growth estimate to a 1.7 percent pace from 1.5 percent.
U.S. financial markets were little moved by the data, with traders keeping an eye on global developments.
Businesses emerged from the 2007-09 recession lean and are showing little urgency to ramp up hiring, relying on their existing workforces to meet production and keeping wage growth under control.
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- Posted: 2012-09-05 11:35:39
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