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U.S. Labor Productivity Plunges Even More Than Initially Estimated In Q3

Labor productivity in the U.S. plunged by even more than initially estimated in the third quarter, according to revised data released by the Labor Department on Tuesday.

The Labor Department said labor productivity tumbled by 5.2 percent in the third quarter compared to the previously reported 5.0 percent nosedive. Economists had expected the slump in productivity to be revised to 4.9 percent.

Meanwhile, the report showed the spike in unit labor costs during the third quarter was upwardly revised to 9.6 percent from 8.3 percent. The surge in unit labor costs was expected to be revised to 8.4 percent.

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