U.S. labor productivity dipped by slightly more than expected in the first quarter of 2012 as hours worked outpaced an increase in output, according to the Labor Department.
The department reported that business sector labor productivity fell at a 0.9 percent annual rate during the first quarter, a downward revision from the 0.5 percent decline initially reported.
Furthermore, the 0.9 percent productivity drop reflects a fairly large reversal of the 1.2 percent productivity growth posted for the fourth quarter of 2011.
Most economists had expected the downward revision to the productivity figures for Q1, but most had predicted it would fall by slightly less, 0.8 percent.
by RTT Staff Writer
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