Unit-labor costs, a gauge of wage inflation, rose at a revised 2.2% annual rate in the second quarter, up from the initial estimate of a 1.6% pace, the U.S. Labor Department said.
The government released revised productivity data that comes after U.S. GDP growth in the second quarter was revised down to a 2.1% annual rate from the initial estimate of 2.4%.
Productivity growth was revised down to a 3.5% annual rate in the second quarter, from the initial estimate of a 3.7% rate.
Over the past 12 months, productivity rose at a 1.3% clip, the first positive reading since the fourth quarter of 2021.
Output of goods and services rose a revised at a 1.9% rate in the second quarter, down from the prior estimate of 2.4%.
Hours worked fell at a revised 1.5% annual rate, slightly faster than the initial estimate of a 1.4% rate.
Read the full article here
