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U.S. labor productivity growth revised up in Q2

Xinhua, September 2, 2015 Adjust font size:

U.S. labor productivity growth was revised up in the second quarter of this year, reflecting a rebound in the economic growth in the quarter.

The Labor Department said Wednesday that nonfarm business sector labor productivity increased at a 3.3 percent annual rate during April-June, compared to the previous estimate of 1.3 percent increase. On a year-on-year basis, the productivity rose 0.7 percent.

The growth in productivity reflected an increase of 4.7 percent in output and an increase of 1.4 percent in hours worked in that period, the department said in a report.

The U.S. Commerce Department recently revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, higher than an advance estimate of 2.3 percent. The revised-up figure beat market expectations that growth should have bounced back only mildly from a meager growth in the chilly spring. Endit