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September 10, 2007
Productivity Growth Speeds Up

Productivity grew at an annual rate of 2.6 percent in the second quarter of 2007, reflecting increases of 5.0 percent in output and 2.3 percent in hours of all persons, the Department of Labor's Bureau of Labor Statistics reported.

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In the first quarter of 2007, productivity increased 0.7 percent, output rose 0.3 percent, and hours fell 0.3 percent.

Meanwhile, hourly compensation increased 4.1 percent in the second quarter of 2007, but when the 6.0 percent jump in consumer prices was taken into account, real hourly compensation fell 1.8 percent in the second quarter. As revised, hourly compensation increased 5.9 percent in the first quarter of 2007.

Unit labor costs rose 1.4 percent in the second quarter of 2007, following a 5.2-percent increase in the first quarter. Unit labor costs increased 4.9 percent from the second quarter of 2006 to the second quarter of 2007, more than during any four-quarter period since third-quarter 1999 to third-quarter 2000, when they increased 5.0 percent.

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