With output increasing by less than previously estimated, the Labor Department released a report on Wednesday showing a downward revision to the pace of growth in U.S. labor productivity in the first quarter of 2013.
The report said productivity, a measure of output per hour, increased by 0.5 percent in the first quarter compared to the previously reported 0.7 percent growth. Economists had expected the pace of productivity growth to be unrevised.
Despite the downward revision, the modest increase in productivity in the first quarter still reflects a rebound from the 1.7 percent drop seen in the fourth quarter.
The Commerce Department also said unit labor costs tumbled by a revised 4.3 percent in the first quarter compared to the previously reported 0.5 percent increase.
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