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Politics : Idea Of The Day

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To: Lee who wrote (29916)	12/7/1999 8:47:00 AM
From: Lee	Read Replies (2) of 50167

Economic Data for Tuesday, December 7, 1999 3Q Productivity = +4.9% Costs = -0.2% stats.bls.gov The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data--as measured by output per hour of all persons--for the third quarter of 1999. The seasonally adjusted annual rates of productivity growth in the third quarter were: 4.7 percent in the business sector, and 4.9 percent in the nonfarm business sector. The increase in labor productivity for the business sector was the largest since a similar increase in the second quarter of 1996. In the nonfarm business sector, the third-quarter increase in labor productivity was the largest since a 7.4-percent rise in the fourth quarter of 1992. Unit labor costs fell 0.2 percent in the third quarter of 1999. Labor costs account for approximately 63 percent of all nonfarm business payments. The implicit price deflator for nonfarm business rose 0.7 percent, reflecting the decline in unit labor costs and a 2.3-percent increase in unit nonlabor payments. In the second quarter, the implicit price deflator rose 1.4 percent, reflecting a 4.2-percent increase in unit labor costs and a 3.1 percent decline in unit nonlabor payments.

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