U.S. productivity rallies in the spring, expands at 3.7% pace
The numbers: The productivity of American workers and companies rebounded in the second quarter and grew at a 3.7% annual pace, but it wasn’t all good news. The improvement stemmed in part from the first decline since 2020 in the number of hours employees worked, a sign of more slack in the economy.
Productivity recovered from a revised 1.3% decline in the first three months of the year, the government said Thursday. The first-quarter drop was not as steep as initially reported, however. Unit-labor costs reflect how much a business pays an employee to produce a certain number of goods and services, say a box of chocolates or the number of cleanings at a dental office.
High productivity is a sign of a very healthy economy. Businesses can maintain high profits and afford to pay workers more when they get better at their jobs.The government’s ability to measure productivity, however, is fraught with difficulty in a U.S. economy larger driven by services such as retail and health care.
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