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U.S. Q1 Labor Productivity Growth Downwardly Revised To 3.4%

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Revised data released by the Labor Department on Thursday showed U.S. labor productivity increased by slightly less than initially estimated in the first quarter.

The report said the jump in productivity in the first quarter was downwardly revised to 3.4 percent from 3.6 percent, although the growth still reflects a notable acceleration from the 1.3 percent increase in the fourth quarter.

Productivity is a measure of output per hour, and the spike in output was downwardly revised to 3.9 percent from 4.1 percent, while the increase in hours worked was unrevised at 0.5 percent.

The Labor Department also said unit labor costs slumped by a revised 1.6 percent in the first quarter compared to the previously reported 0.9 percent drop.

The revision to the labor costs data came as hourly compensation increased by 1.8 percent compared to 2.6 percent jump that was initially reported.

The report also showed a substantial revision to the unit labor costs data for the fourth quarter, with the revised data showing a 0.4 percent drop compared to the previously reported 2.5 percent spike.

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