PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: goldworldnet who wrote (325587)	12/4/2002 9:33:06 AM
From: PROLIFE	Read Replies (2) of 769670

A Blockbuster Pace for Productivity Wednesday December 4, 9:12 AM EST By Caren Bohan WASHINGTON (Reuters) - The productivity of U.S. workers rose at a blockbuster pace in the third quarter, a government showed on Wednesday in an encouraging sign for the economy as it struggles to recover from last year's recession. The Labor Department said workers outside the farm sector boosted productivity by 5.1 percent in the three months ended in September. The department ratcheted up its productivity estimate for the period from a previously reported gain of 4 percent. The bond market showed no reaction to the number. Productivity, measuring the amount of goods and services produced for each hour of work, has been extremely strong lately. Amid intense pressure to increase profits, companies have been reluctant to increase their work forces and so have found ways to increase the productivity of their existing workers and are making use of new technology to spur efficiency. Highlighting a broad trend of fast productivity growth, output per hour surged 5.6 percent in the third quarter compared to the same quarter a year ago. That was the strongest yearly increase since the 12 months that ended in the first quarter of 1973. If this rapid productivity growth continues, it could help fuel the momentum of recovery by lifting profits and giving companies the means to invest in new equipment and hire workers. The data did show that despite the soft labor market, companies are raising pay for existing workers. Hourly compensation jumped 3 percent on an inflation-adjusted basis in the third quarter, the biggest rise in two years. However, unit labor costs eased 0.2 percent. Productivity was especially strong in the U.S. manufacturing sector, where it rose 5.5 percent. Inflation-adjusted hourly compensation among factory workers rose 2.5 percent while unit-labor costs tumbled 1 percent. ©2002 Reuters Limited.

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