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Productivity and Costs - Second Quarter 2023, Revised
Nonfarm business sector labor productivity increased 3.5 percent in the second quarter of 2023, the U.S. Bureau of Labor Statistics reported today, reflecting a 0.2-percentage point downward revision from the preliminary estimate. Output increased 1.9 percent and hours worked decreased 1.5 percent in the second quarter of 2023. The decline in hours worked is the first decline since the second quarter of 2020 and was the result of a 1.5-percent decline in average weekly hours; employment was unchanged. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the same quarter a year ... (full story)