U.S. Labor Productivity Jumps Much More Than Initially Estimated In Q2

(RTTNews) - Labor productivity in the U.S. jumped by much more than previously estimated in the second quarter, the Labor Department revealed in a report on Wednesday.

The report said labor productivity surged up by 3.3 percent in the second quarter, reflecting a notable upward revision from the previously reported 1.3 percent growth. Economists had expected the pace of growth to be upwardly revised to 2.8 percent.

The Labor Department also said unit labor costs fell by 1.4 percent in the second quarter compared to the previously reported 0.5 percent increase. Costs had been expected to be revised to show a drop of 1.2 percent.