November 07, 2003 (The Editor’s Desk is updated each business day.) Productivity climbs in third quarterProductivity in the nonfarm business sector grew at a seasonally adjusted annual rate of 8.1 percent in the third quarter of 2003. Output grew 8.8 percent in the third quarter, faster than at any time since the fourth quarter of 1992, when it increased 9.8 percent (seasonally adjusted annual rates). Hours worked in the nonfarm business sector rose 0.7 percent, reflecting a 0.3-percent gain in employment combined with a 0.4-percent increase in average weekly hours at work. After revisions, nonfarm business productivity increased 7.0 percent in the second quarter of 2003, as output grew 4.6 percent and hours declined 2.2 percent. These data are from the BLS Productivity and Costs program. Productivity is measured here as output per hour of all persons. Data are subject to revision. Additional information is available in "Productivity and Costs, Third Quarter 2003" (PDF) (TXT), news release USDL 03-674. Happy 10th Birthday, TED!The very first issue of The Editor's Desk (TED) was posted on September 28, 1998. TED was the first online-only publication of the Bureau of Labor Statistics. For 10 years, BLS has been committed to posting a new TED article each business day, for a total of over 2,400 articles so far. |
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