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USA: Productivity collapses – unit labor costs rise sharply

Tuesday, 07.12.2021 15:00 from

dpa-AFX

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The New York Statue of Liberty. New York is the stock exchange metropolis of the United States. pexels.com

WASHINGTON (dpa-AFX) – The productivity of the US economy has collapsed in the third quarter. The ratio of production and working time fell by 5.2 percent projected over the year, as the Department of Labor announced in Washington on Tuesday. This is the most significant decrease since 1960, the ministry said. A first publication had shown a decrease of 5.0 percent.

Production increased by 1.8 percent, as the ministry further announced. However, the number of hours worked increased even more, by 7.4 percent. In the meantime, unit labor costs rose strongly by 9.6 percent when projected for the year. Productivity and unit labor costs indicate the efficiency of an economy. / Bgf / jsl / eas

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