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The efficiency of US workers jumped in the fourth quarter but not enough to lift full year performance to match the roaring productivity gains of the first six years of this century, the Labor Department said today.
US workers increased their productivity by 3.0 pct in the fourth quarter, the fastest quarterly pace since the first three months of 2006 and nearly double the 1.7 pct gain economists had expected.
Unit labor costs rose by 1.7 pct in the fourth quarter, sharply down from the 3.2 pct gain of the previous quarter and slower than the 2.4 pct gain economists had expected.
Unit labor costs have risen 2.8 pct since the fourth quarter of 2005. In 2006, unit labor costs rose an average of 3.2 pct, nearly three times as fast as the average annual gain of 1.2 pct in the years between 2000 and 2006.
Productivity has risen 2.1 pct since the fourth quarter of 2005. In 2006, productivity has also risen an average of 2.1 pct, slower than the average annual gain of 2.9 pct in the years between 2000 and 2006.
In the third quarter, productivity declined a revised 0.1 pct, while unit labor costs rose a revised 3.2 pct. |
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