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December 06, 2005
Productivity Better than Originally Thought

Productivity grew by an annual rate of 4.7 percent in the third quarter of 2005, according a revised report by the Bureau of Labor Statistics of the U.S. Department of Labor.

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The bureau revised the third-quarter productivity data from 4.1 percent to 4.7 percent.

Output per hour of all persons increased 4.7 percent during the third quarter of 2005, reflecting increases in output and hours of 4.8 percent and 0.1 percent, respectively. In the previous quarter, productivity had risen 2.1 percent as output grew 4.4 percent and hours increased 2.2 percent.

Hourly compensation grew 3.7 percent in the third quarter of 2005, following the 0.9-percent rise in the second quarter (as revised). When the rise in consumer prices is taken into account, real hourly compensation declined 1.4 percent in the third quarter of 2005 and 3.1 percent one quarter earlier.

Unit labor costs fell 1.0 percent in the third quarter, similar to the previous quarter, when they dropped 1.2 percent.

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