Labor productivity in the U.S. rebounded by much more than expected in the second quarter of 2023, according to a report released by the Labor Department on Thursday.
The report said labor productivity spiked by 3.7 percent in the second quarter after slumping by a revised 1.2 percent in the first quarter.
Economists had expected productivity to jump by 2.0 percent compared to the 2.1 percent plunge that had been reported for the previous quarter.
The Labor Department also said unit labor costs shot up by 1.6 percent in the second quarter after soaring by 3.3 percent in the first quarter.
Unit labor costs were expected to surge by 2.6 percent compared to the 4.2 percent spike that had been reported for the previous quarter.
