US Q3 Productivity Rises Slightly Less than Expected

Nonfarm business sector labor productivity in the United States rose by 2.2% in the third quarter of 2024, following a downwardly revised 2.1% increase in the previous three-month period and falling short of market expectations of a 2.3% growth, a preliminary estimate showed.

Output increased 3.5% and hours worked went up 1.2%.

Both the business sector and manufacturing sector experienced widespread productivity gains, at 1.7% and 1%, respectively.

Year-on-year, labor productivity increased by 2% in the third quarter.