The Labor Department released a report on Wednesday showing U.S. labor productivity surged by more than previously estimated in the third quarter of 2023.
The report said labor productivity shot up by 5.2 percent in the third quarter compared to the previously reported 4.7 percent jump. Economists had expected the spike in productivity to be upwardly revised to 4.9 percent.
Reflecting the upward revision to productivity, the decrease in unit labor costs in the third quarter was revised to 1.2 percent from 0.8 percent. The drop in unit labor costs was expected to be revised to 0.9 percent.
