"Nonfarm business sector labor productivity increased 3.0 percent during the third quarter of 2017 as output increased 4.1 percent and hours worked increased 1.1 percent," the U.S. Bureau of Labor Statistics reported on Wednesday.
From the third quarter of 2016 to the third quarter of 2017, productivity increased 1.5 percent, reflecting a 3.0-percent increase in output and a 1.5-percent increase in hours worked.
Unit labor costs in the nonfarm business sector declined 0.2 percent in the third quarter of 2017, as the 3.0-percent increase in productivity was greater than a 2.7-percent increase in hourly compensation.
Unit labor costs decreased 0.7 percent over the last four quarters.
Manufacturing sector labor productivity fell 4.4 percent in the third quarter of 2017, as output decreased 1.1 percent and hours worked increased 3.5 percent.
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