PRODUCTIVITY AND COSTS First Quarter 2008, Revised
The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data--as measured by output per hour of all persons--for the first quarter of 2008. The revised seasonally adjusted annual rates of productivity change in the first quarter were:
2.4 percent in the business sector and
2.6 percent in the nonfarm business sector
In both sectors, the first-quarter productivity gains were greater than the preliminary estimates reported on May 7, due primarily to upward revisions to output growth.
Continued strong productivity growth helps keep inflation in check in the face of rising oil and commodity prices, and accommodates moderate wage growth. (Tim)
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