Worker output fell, labor costs rose in spring |
| The Associated Press - Sep 1, 2011 |
Worker productivity fell this spring more quickly than previously estimated and labor costs rose at a faster clip. The decline in worker output could mean that some companies need to hire if they want to meet growing demand.
The Labor Department reported Thursday that productivity declined at an annual rate of 0.7 percent in the April-June period. That was a downward revision from the 0.3 percent decline first estimated a month ago and the second straight quarterly decline. Labor costs rose at an annual rate of 3.3 percent, faster than the 2.4 percent increase originally reported.
The changes reflected downward revisions made last week to overall economic growth.
Productivity measures the amount of output per hour worked. Higher productivity is generally a good thing because it can raise standards of living by enabling companies to pay workers more without raising their prices and increasing inflation.
Read Full Article from The Associated Press
- Posted: 2011-09-01 10:59:17
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