U.S. productivity grew more during the third quarter than first believed.
The Labor Department said today that productivity in the nonfarm business sector increased at an annual rate of 4.7% during the period that stretched from July through September, revised up from the earlier estimated 4.1% rise.
Since the original report was issued a month ago on third-quarter productivity, the government revised GDP, saying it grew by 4.3% during July through September instead of an originally reported 3.8% increase.
The revised increase marked the strongest productivity gain since mid-2003. Productivity might have been so strong in the third quarter because hurricanes in the South restrained hours worked.