US labor productivity rises in Q3 2024

The US labor productivity, one of the biggest drivers of the economy in recent years, rose, along with costs in Q3 2024.
 

According to government data released Thursday, productivity — or the hourly output of nonfarm employees — rose at a 2.2% annual rate in Q3, after increasing 2.1% in the previous quarter.
 

The productivity growth rate over the past 12 months has been 2%, in a relatively strong pace.
 

Unit labor costs rose 1.9%, after the previous quarter’s figures were revised up to 2.4%.
 

Over the past four quarters, unit labor costs rose by 3.4%.