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Labour productivity, hourly compensation and unit labour cost, first quarter 2023
Labour productivity of Canadian businesses fell 0.6% in the second quarter, extending the string of declines observed since the second quarter of 2022. The decline observed in the second quarter of 2023 occurred within a quarter marked by a slowdown in business output and growth in hours worked. After rebounding in the previous quarter, business output contracted slightly in the second quarter, while growth in hours worked continued, albeit more moderately. Over the past three quarters, real gross domestic product (GDP) of businesses moved in a sawtooth pattern. After declining 0.4% in the fourth quarter of 2022, ... (full story)