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August 10, 2006
Productivity Growth Slows

Productivity grew at an annual rate of 1.1 percent in the second quarter, according to a report by the Bureau of Labor Statistics of the U.S. Department of Labor.

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The bureau also revised upward productivity data for the first quarter. Productivity grew at an annual rate of 4.3 percent in the first quarter of 2006, better than the 3.2 percent the bureau initially reported for the quarter.

In the second quarter, output increased 2.5 percent and hours rose 1.4 percent (seasonally adjusted annual rates).

Meanwhile, hourly compensation increased 5.4 percent in the second quarter of 2006, less than the 6.9-percent rise one quarter earlier. When the rise in consumer prices is taken into account, real hourly compensation rose 0.4 percent in the second quarter of 2006 after increasing 4.7 percent in the first quarter.

Unit labor costs increased 4.2 percent in the second quarter of 2006, and 2.5 percent in the first quarter.

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