Productivity report boosts stocks

Third-quarter productivity rises at the fastest pace in four years. Fannie Mae is selling stock and cutting its dividend to help shore up funds amid the mortgage-market meltdown. OPEC says it will keep production steady. Mortgage applications rise.

Worker productivity in the nonfarm business sector soared in the third quarter.

The Labor Department this morning reported that productivity rose at a revised 6.3% annual rate last quarter, above a previously reported rise of 4.9% and higher than the 2.2% increase in the second quarter.

Productivity measures the amount of output per hour of work.

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- Posted: 2007-12-05 10:47:59

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