U.S. Labor Productivity Grows Faster Than Previously Estimated In Q3

(RTTNews) - Labor productivity in the U.S. increased by more than previously estimated in the third quarter, according to a report released by the Labor Department on Wednesday, although the pace of growth still came in below expectations.

The Labor Department said productivity increased by an upwardly revised 2.3 percent in the third quarter compared to the previously reported 2.0 percent growth. Economists had expected the pace of growth to be revised to 2.4 percent.

Meanwhile, the revised data showed that unit labor costs fell by 1.0 percent in the third quarter compared to the 0.3 percent increase that had been reported.