US productivity up in third quarter
November 4th, 2011 - 11:41 am ICT by IANSWashington, Nov 4 (IANS/EFE) Workers in the US boosted productivity by 3.1 percent in the third quarter as firms achieved a 2.4 percent reduction in per capita labour costs, authorities said Thursday.
Output grew 3.8 percent in the July-September period, the largest gain since the second quarter of 2010, while hours worked increased 0.6 percent.
Hourly earnings fell 2.4 percent in inflation-adjusted terms, the steepest drop in three years.
Worker productivity has risen at a pace of 1.1 percent over the last 12 months.
Gross domestic product expanded 2.5 percent in the third quarter, according to an estimate released last week by the commerce department.
Though the US economy created 103,000 net new jobs in September, unemployment remained unchanged at 9.1 percent. The rate has been above 8 percent since February 2009, the longest period of elevated joblessness since 1948.
–IANS/EFE
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Tags: 12 months, authorities, commerce department, economy, efe, gross domestic product, hourly earnings, joblessness, labour costs, new jobs, pace, per capita, second quarter, unemployment, worker productivity