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U.S. Labor Productivity Shows Another Steep Drop In Q2

A report released by the Labor Department on Tuesday showed U.S. labor productivity continued to slump in the second quarter, while labor costs continued to soar.

The Labor Department said labor productivity tumbled by 4.6 percent in the second quarter after plummeting by a revised 7.4 percent in the first quarter.

Economists had expected productivity to plunge by 4.7 percent compared to the 7.3 percent nosedive that had been reported for the previous quarter.

Meanwhile, the report showed unit labor costs skyrocketed by 10.8 percent in the second quarter after surging by a revised 12.7 percent in the first quarter.

Unit labor costs were expected to jump by 9.5 percent compared to the 12.6 percent spike that had been reported for the previous quarter.

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