The Labor Department released a report on Thursday showing U.S. labor productivity tumbled by much more than expected in the first quarter of 2023.
The report said labor productivity plunged by 2.7 percent in the first quarter after jumping by a revised 1.6 percent in the fourth quarter.
Economists had expected labor productivity to slump by 1.8 percent compared to the 1.7 percent surge that had been reported for the previous quarter.
Meanwhile, the Labor Department said unit labor costs skyrocketed by 6.3 percent in the first quarter after shooting up by a revised 3.3 percent in the fourth quarter.
Economists had expected unit labor costs to soar by 5.5 percent compared to the 3.2 percent spike that had been reported for the previous quarter.
